Crude trajectory key to watch out for: Vijay Chandok, ICICI Securities
While the escalated war situation between Russia/Ukraine has led to a sharp cut in key equities across the globe, we believe crude trajectory will be the key to watch out for going ahead, said Vijay Chandok – MD & CEO, ICICI Securities.
“We don’t expect major sanctions which may drive a big spike in crude, equally harming Europe and US, or even in terms of aggressive rate hike leading to slower economic growth. We, thus, believe that market stabilisation is likely in the short term. Nonetheless, medium to long term thesis on Indian equities remain intact amid economic recovery as reflected by key macroeconomic indicators, strong capex spending and robust corporate earnings (Nifty earnings growth likely at 21.5 % CAGR over FY21-24). We continue to see this correction as an opportunity for the investors to add on the companies with sustainable growth visibility, Chandok added.