Such a scenario bodes well for property and capex-related plays, including cement, infrastructure, capital goods, and large banks and small-and midcaps (SMID), it said in a research note.
The BJP came to power in the 2019 elections, winning 303 of the 543 seats in the Lok Sabha.
"Political continuity is the most likely outcome, though the margin of victory could be narrower. We, therefore, are overweight on capex recovery plays including banks, industrial and property. Our top picks are Axis Bank, ICICI Bank, SBI, L&T, Ultratech and property and select industrial mid-caps including Thermax, KEI Industries, Siemens and Kajaria. We are also tactically overweight staples running up to the elections in the expectations of favourable rural policies," wrote Mahesh Nandurkar, managing director, Jefferies, in a recent note co-authored with Abhinav Sinha and Nishant Poddar.
This story is from the September 01, 2023 edition of Business Standard.
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This story is from the September 01, 2023 edition of Business Standard.
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\"All the world's a stage, and all the men and women merely players.\" If we start looking at ourselves as characters who perform, and observe where the stage is, a lot more can start to make sense.
