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Gold (MCX) (Rs/10g.)95,032.00-880.00
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Market Watch

Stocks to Buy | Venugopal Garre's portfolio strategy in a volatile market

By Anupam Nagar, ETMarkets.com | Apr 24, 2025, 03:45:49 PM IST

ETMarkets.com

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2025 Market Outlook

Venugopal Garre, MD, Bernstein, in an interview to ET Now, said that he is positive on India’s financial market in 2025 despite global uncertainty. His target for Nifty is 26,500, driven by improving macroeconomic conditions in India. Garre believes that the country’s fundamentals have strengthened, even as global risks persist.

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January Thesis Review

Garre’s initial thesis predicted rate cuts and a macro recovery for India. A 50 basis point rate cut already took place, and while global uncertainty remains, his positive outlook on India has not changed. He believes India’s macro has bottomed out and is gradually improving.

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The Impact of Rate Cuts

Garre views global uncertainty as beneficial for India because it increases the likelihood of further rate cuts. These, along with RBI’s actions to ease liquidity, support his optimistic outlook. While capital expenditure and consumption should improve, he doesn’t expect explosive growth.

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Currency Risk: A Key Concern

Garre is concerned about the potential depreciation of the Indian Rupee. While he expected the dollar index to moderate, his main worry now is China’s currency. If the trade tensions with the U.S. continue, it could lead to risks for emerging market currencies like the Rupee.

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Navigating Portfolio Construction

Building a portfolio in a volatile environment is challenging. Garre focused on recovery sectors but maintained some defensive positions. He is overweight financials, telecom, and utilities, and underweighted healthcare. His stock picks included Bharti Airtel, Adani Ports, and Avenue Supermarts.

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Key Takeaways

Garre remains optimistic about India’s market, despite global uncertainties. His strategy focuses on recovery sectors, balancing growth with defensive stocks, and carefully managing risks like currency movements and trade tensions. His portfolio reflects this cautious optimism.

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Stocks to Buy | Venugopal Garre's portfolio strategy in a volatile market

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