India not cheap enough yet, but NBFCs and manufacturers still offer openings
Aurveil Capital's Conrad Saldanha says Indian stocks are not cheap yet, though NBFCs and manufacturing exporters still look attractive.
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what happened
According to TradingView, Conrad Saldanha, founder and CIO of Aurveil Capital, expects Indian equities to face pressure in the near term. Global investors remain wary of valuations and high oil prices, but the correction is opening chances in select sectors.
Saldanha favours non-banking financial companies (NBFCs), manufacturing exporters and power equipment makers. Among the stocks Aurveil Capital continues to like he named Cholamandalam Investment and Finance, Shriram Finance, Craftsman Automation, CG Power and GE Vernova.
He views the recent sell-off in AI-linked shares as a market reset rather than the end of the investment cycle. Rising bond yields and tighter funding conditions are weighing on speculative companies.
why it matters
For global investors, valuations remain the main hurdle in India, while oil and bond yields keep capital on the sidelines. That pushes attention toward individual stocks with strong balance sheets and clear earnings growth rather than the market as a whole.
market impact
Indian stocks: high valuations and oil prices restrain inflows, while select sectors look stronger than the broader market
instruments
sources
- India not cheap enough yet, but NBFCs and manufacturing still offer opportunities: Aurveil's Conrad Saldanha — TradingView, 23 October 2026 at 03:42 UTC
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