Defence valuations 'obnoxious'; private banks look strong: Sandip Sabharwal's full market playbook

Investor Sandip Sabharwal cautions that while the defence rally is real, many stock prices have outpaced reality. He favors Bharat Electronics but finds many small-cap defence stocks "obnoxious." Pharma offers decent but unexciting prospects. Sabharwal is constructive on private banks, anticipating accelerated growth. IT valuations are attractive but lack clear triggers. In manufacturing, Bharat Forge stands out, though some power equipment firms are overvalued.