Manish Chokhani says Indian market wants to rally — but is waiting for this trigger

Indian equity markets are eager to move higher, but “until we get earnings support, this market isn’t taking off,” says Manish Chokhani, Director at Enam Holdings.

“When you are doing a single digit earning growth, you can’t say at 20 P/E (price to earnings), we are an okay market. Some earnings come and then we are off to the races. And it will still be very specific. I don’t think the tidal move across sectors happen,” he says, adding that India is not cheap enough, although it is better than it was.

Also Read: Fund manager says you may be looking at the wrong tech stocks

Chokhani believes value investing lies in identifying “asymmetrical bets”—opportunities that are so beaten down and cheap that they benefit when things revert to the mean.

Chokhani sees banking as the leader of this cycle. He says, “the way things are aligning in the world, this sector is still going to be a very large wealth creator.”

Also Read: Gautam Shah on the index that may hit new lifetime highs first

“If you take the 2027 numbers, not 2026, the numbers of all the banking sector stocks will exceed the erstwhile leadership from the IT sector stocks—with greater stability and greater terminal value.”

Watch the accompanying video for the full interview.

Catch all the latest updates from the stock market here