Bandhan AMC's CIO favors IT services, private banks and exporters

what happened

Manish Gunwani, Chief Investment Officer for equities at Bandhan AMC, told CNBC-TV18 that investors should use this stretch to add large-cap exposure, with the strongest conviction in IT services, private banks and manufacturing exporters. The firm's equity assets stood at ₹1.93 lakh crore as of September 30, 2026.

Gunwani attributed the recent outperformance of large caps to a valuation gap with smaller companies that had grown too wide, along with a pullback in AI infrastructure stocks that has hit capital goods in the US, Europe and South Korea. He expects AI implementation work in IT services to grow quickly even as legacy business slows, and sees exporters benefiting from currency pressure over the medium to long term. He also remains constructive on gold over the long run.

He warned that high oil prices and monsoon concerns could slow market gains, so patience matters more than quick returns over the next few quarters. State-run banks have improved, but private lenders still generate better returns on assets, and he views telecom as a defensive sector with limited growth.

why it matters

For markets, the comments point to a possible rotation from AI infrastructure names toward IT services, banks and export-oriented manufacturers, with gold viewed as a longer-term holding. This is one fund manager's opinion rather than hard data, and the outcome depends heavily on oil prices and the monsoon.

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