Chokalingam Narayanan, a senior portfolio manager at ICICI Prudential Asset Management, told investors that the current market environment favours a value‑oriented approach rather than a pure growth chase. With the Sensex and Nifty trading in a narrow range after recent macro‑economic data releases, he argues that companies with strong balance sheets, consistent cash flows and modest valuations are better positioned to weather volatility. Narayanan cautioned that growth stocks, especially those with lofty multiples, may face sharper corrections if earnings expectations are not met.
However, he did not dismiss the information‑technology sector outright. Instead, he suggested a selective exposure to IT firms that demonstrate resilient order books, robust export pipelines and a clear path to margin expansion, given the sector’s historic correlation with global demand. For the average retail investor, the advice translates into a portfolio tilt toward defensive consumer staples, financials and infrastructure names that offer dividend yields and lower price‑to‑earnings ratios.
At the same time, a modest allocation to high‑quality IT players can provide upside without over‑exposing the portfolio to sector‑specific risks. Overall, Narayanan’s view underscores the need for a balanced mix of value and carefully chosen growth bets, a strategy that could help Indian investors navigate the present market turbulence while aiming for steady long‑term wealth creation.