IT, pharma, agri pop up on MF radars as market dives
Aug 18 2013 , Mumbai
"Given the current environment, stock picking across sectors will be the strategy going ahead. Companies with sound export prospects like information technology, pharma, along with companies with overseas subsidiaries, will be on our radar," IDBI Mutual Fund Chief Executive Debashish Mallick told PTI here.
He said given the good monsoons, companies working in the agriculture space are also likely to do well.
"There is nothing wrong in agriculture sector. Monsoons have been very good so far. I think, agriculture will continue to do well along with sectors which are dependent on rural consumption," Mallick said.
On Friday, the benchmark Sensex crashed 769 points or close to 4 per cent while rupee plunged to an all-time low by breaching the psychological mark of 62 to dollar amid fears that government may move to a capital control regime to curb forex volatility and narrow the current account gap.
This had the 10-year benchmark bonds yields soaring to a record 8.85 per cent on Friday.
On this, an official from another mutual fund house said companies with less dependence on domestic market along with less regulatory exposure will be the picks for fund managers.