Daily Voice: 6 investment themes that could shape market returns, according to Phanisekhar Ponangi - Moneycontrol.com

Published 7 June 2026 · finance

Consumers, infrastructure and capital goods may provide better entry levels over the next 2 quarters, said Phanisekhar Ponangi. Phanisekhar Ponangi is the Co-Founder and CIO

Consumers, infrastructure and capital goods may provide better entry levels over the next 2 quarters, said Phanisekhar Ponangi. Phanisekhar Ponangi is the Co-Founder and CIO at Mavenark Wealth DII now wield more power than FII IT sector continues to be in a state of growth uncertainty IT continues to be good play on depreciating Indian currency Did our AI summary help? In the current market environment, investors must focus on defensive themes such as pharma and healthcare, utilities, financial services, engineering, and export-focused manufacturing, said Phanisekhar Ponangi, the Co-Founder and CIO at Mavenark Wealth, in an interview with Moneycontrol. Further, according to him, consumers, infrastructure, and capital goods may provide better entry levels over the next 2 quarters. In the IT space, he feels the IT sector continues to be in a state of growth uncertainty, considering that AI has disrupted traditional business models. Meanwhile, IT continues to be a good play on the depreciating Indian currency, he said.

Do you believe the RBI does not need to hike interest rates, given the manageable inflation outlook and current account deficit (CAD)? The risks are evenly balanced on both the upside and downside. While it’s apparent that inflation will rise on account of imported fuel price spikes and forecasts of below-normal rainfall, growth concerns also must be considered. Given the government’s actions on increasing import duties on gold and encouraging exports through an FTA with many countries, the current account deficit seems manageable, although it will be higher than the previous year. Do you think the market appears attractive from a valuation perspective, even though growth remains relatively weak? Certain pockets of the market seem attractive considering the kind of opportunities that have opened. However, if you are not a compulsive investor in equities, a staggered buying approach is advised. Valuations are not yet factoring in base case scenarios in many sectors and stocks that have outperformed in the recent past.

Do you believe economic growth, rather than artificial intelligence (AI), is the real long-term investment story? Economic growth leading to sustainable earnings growth drives equities. Artificial Intelligence (AI) is a catalyst in the long-term growth story to the extent that it promises to be a great productivity booster, along with generating newer use cases. Do you think retail participation is unlikely to fade and will continue to provide strong support to the market despite ongoing geopolitical tensions and global uncertainties? The emergence of retail risk capital is structural. While it may experience ebbs and flows, it is no longer a fringe force in the Indian capital markets. DII now wields more power than FII. Do you expect the government to announce additional policy reforms that could make India a more attractive destination for foreign investors? Yes. The focus will be on reducing the friction in capital flows by easing compliance, lock-in periods and offering more investor-friendly dispute resolution methods.