Falling crude prices shift market narrative; energy, defence and BFSI emerge as key bets: Pankaj Pandey

Strategist Pankaj Pandey identified energy, defence, and BFSI as the top three investment themes, citing falling crude prices easing macro concerns and FPI selling largely behind the market. He pegged defence as a ₹40 lakh crore multi-decade opportunity and saw BFSI as attractively valued with supportive RBI measures and easing inflation. On the Vedanta demerger, he flagged Vedanta Aluminium—potentially generating ₹26,000-27,000 crore EBITDA at ~6x multiple—as the entity to watch, with Hindustan Zinc expansion adding to the group's positive outlook.