Near term, go tactical and stick to defensive play via consumer and FMCG stocks: Mahesh Nandurkar

Jefferies’ Mahesh Nandurkar sees near-term potential in FMCG, IT, pharma due to under-ownership. Longer-term outlook remains positive on capex, infrastructure and real estate sectors. Retail and foreign investor sentiments sway markets amid election impact. Nandurkar says “for the broader emerging market flows to improve, we need to get some visibility on the rate cut cycle from the US Fed. That continues to get pushed out.”