“Ayon Mukhopadhyay of IIFL Capital maintains a cautiously optimistic, wait-and-watch approach to India, noting that while sentiment has improved post-budget, FIIs are still marginally underweight. He is bullish on banks and capex-driven sectors due to strong earnings visibility, but advises cautious allocation to growth and new-age stocks. For Indian IT companies, he sees them as attractive due to strong management and balance sheets, but caution persists due to AI's impact and an unpredictable market bottom.”