Why a Rs 72,000 crore fund manager refuses to chase power and defence rally now

ICICI Prudential’s Mittul Kalawadia advises caution on current market valuations. He notes that future growth is already factored into stock prices, limiting safety for new investments. Kalawadia highlights attractive opportunities in banking, select discretionary consumption, pharmaceuticals, and manufactured goods exporters. He also discusses the IT sector’s potential disruption by AI and the importance of position sizing.