Pankaj Tibrewal On Broader Market Weakness, Which Sectors In Spotlight Now?

Despite Nifty’s record highs post the 8.2% Q2 GDP print, investor happiness is missing because market breadth is among the worst in years. Median Nifty stocks are 8-9% below peaks, mid/small-cap constituents 18-20% off highs. Yet Ikigai CIO Pankaj Tibrewal sees hope: Q2 earnings grew 15% for the top-500, with mid-caps +31% and small-caps +36% (even after adjusting for OMCs). He believes markets are in a 15-month consolidation, not a bear market, as corporate balance sheets are strong and solvency risks absent. His ₹3,500-cr mid/small-cap portfolio is overweight autos & ancillaries, chemicals, banking/NBFCs, metals and select IT/digital names. “Growth will be rewarded; stock-picking is the only way forward,” he says.