Large-Cap Stocks: Nilesh Shah Sees Attractive Valuations In These Two Bellwether Stocks

After nearly two years of subdued market performance, several large-cap stocks are trading at attractive valuations. Reliance Industries and HDFC Bank are among the companies attracting renewed interest as earnings show signs of improvement and valuation multiples approach multi-year lows. Nilesh Shah, MD & CEO, Envision Capital, explains why he is turning increasingly constructive on these bellwethers despite concerns around consumption, corporate capital expenditure and India's growth outlook. He believes moderate earnings growth, combined with a potential valuation recovery, could support strong absolute returns and help large caps outperform over the coming year.