Chris Wood of CLSA, in an interview with ET Now, made it clear that he is viewing India as a five-year story under NAMO. He said that he has allocated 41 per cent of the portfolio to Indian stocks.
Chris Wood added that his confidence in India came from Narendra Modi. He pointed out that Modi is the most pro-business, pro-investment political leader in the world today. So in all likelihood he would get the investment cycle going again, Chris added.
Chris warned that as we are coming close to the end of the QE tapering in the US, there is a risk of a stock market correction.
Chris Wood suggested that such stock market corrections need not be a cause of concern because he is viewing India as a five-year story given the fact that Modi has been elected for five years.
Chris identified CLSA favourite sectors as being banks, autos and public sector undertaking companies. Among stocks, CLSA is bullish on Larsen & Toubro, ICICI Bank, SBI, Grasim, Bharti Airtel, ONGC etc.