are over now what are the themes you are betting now the companies with 1520 earnings growth show that there are enough opportunities in the market and that the indian market still offers scope for bottomup stock ideas we continue to look for opportunities where the indian consumer is upgrading we like the finance sector like banking and nbfcs we also like consumer discretionary different stocks from different sectors because we believe that indians are upgrading and are likely to drive demand in the near future indian consumers are moving up the value chain airline is one of the sectors as people are shifting from train to plane and that trend is irreversible multiplex is another opportunity where we see people willing to pay a higher price for a unique and quality experience within infrastructure we like the road sector primarily due to high government spending and also because of immediate traction within the energy basket the gas sector is the best bet for multiple reasons first gas is more efficient and far less polluting than oil second the global spot gas prices have collapsed and the entire gas value chain in india like companies that are into lng import gas transporters city gas distribution companies etc will benefit what about auto segments like heavy commercial vehicles for heavy commercial vehicles we need to see how the gst will pan out gst will remove a lot of inefficiency in the existing structure of truck operators this means a large number of existing trucks on the road are currently putting pressure on tariffs since the efficiency of existing fleet will increase the demand for new vehicles is not likely to be much better what about it and pharma the big sectors that are struggling right now it had been grappling with growth issues long before the h1b and currency issues cropped up we have been underweight on it and we will continue to remain that way rupee appreciation has taken out a big lever from these companies which rely on aggressive bidding additionally the growth environment is also weak the h1b and currency issues allow us to remain underweight for long pharma is a different story because the problem is more to do with usfda notices import alerts etc we have to be extremely selective and believe that companies that have already solved these issues will do well while others will continue to struggle