The brokerage remains cautious on mass consumption plays, staples, and retailers, as well as capex-linked sectors such as steel, cement, capital goods, roads, and railways. Instead, it prefers themes around energy security—regulated power utilities, gensets, cables and transformers—along with beneficiaries of rate hikes such as large private and PSU banks, and segments of well-off consumption like travel and tourism, durables, and two-wheelers.
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