NBFCs and private banks better positioned than PSU banks: Aman Chowhan

Fund manager Aman Chowhan identifies crude oil as the dominant macro risk, projecting a 100–200 bps earnings hit in the June quarter even if oil stays around $80. He remains cautious on IT due to AI-driven structural concerns, prefers NBFCs and private banks over PSU banks despite FII selling headwinds, and is constructive on renewables, pharma, discretionary consumption, capital-market-linked businesses, chemicals, and defence. Infrastructure is turned neutral citing fiscal pressure from elevated oil prices.