JM Financial bets on banks, capex-led growth stocks with launch of new model portfolio for Indian equities

JM Financial’s new model portfolio is bullish on banks, infra, telecom, and oil & gas, favoring large caps like ICICI Bank, L&T, and Reliance.

It expects growth from govt capex, rural demand, and a possible RBI rate cut.

Cautious on mid/small-caps, internet, pharma, cement, and consumers due to high valuations and weak earnings visibility.

Neutral on autos and IT; key picks include TCS, Infosys, Bharti Airtel, and BEL.