Lakshmi Iyer Market expected to be stock driven in 2011

Lakshmi Iyer Market expected to be stock driven in 2011 ; Growth in the domestic equity market is expected to be more stock, rather than sector driven, said Lakshmi Iyer, Head- Fixed Income and Product, at Kotak Mahindra Mutual Fund talking about her expectations from markets in 2011.

``The equity market may as such post a largely consistent growth trend, with reduced volatility-bouts, and lesser divergence in the sectoral growth. The returns may consequently reflect the nominal growth in the economy,`` she added.

``The domestic debt market performance would remain a function of liquidity conditions and inflation outlook. The interest rates, which now are largely at pre-2008 crisis level, may remain unchanged initially and subsequently react to events globally as also domestic. Resultantly, Indian bond yields may move sideways for most of the year.``

Citing about her favourite sectoral picks for 2011 she said, ``For various analytical reasons, we believe that Banks with high CASA, Pharma companies that have a wide FDA approval and diversified product portfolio, and Media with a deeper reach, may be the key sectors in the following year. Also, the FMCG and the IT sectors too could look positive in the following year.``

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