Jewellery, defence, and banks: Nuvama's Nikhil Ranka reveals where to find real opportunities

Nuvama's Nikhil Ranka shared sector-wise views: jewellery is his top discretionary pick with sector leaders growing 20% and smaller players 25-30%; FMCG is set up for a 10% catch-up trade with 10% revenue growth likely in Q1 on price hikes and 5-8% volume growth. Defence is a decadal story with HAL carrying 7-8 year order backlogs. Banking has three tailwinds - a potential 5 lakh crore FCNR deposit window, bond yields falling from 7.50% to 6.82% reducing treasury losses, and easing FII selling pressure after a 2.5 lakh crore sell-off, with deposit growth seen rising from 11% to 14-15%. Retail and textiles look less attractive given already-rich valuations and most of the re-rating being done.