Axis MF's Karthik Kumar: Underweight IT, Bullish on Autos Amidst Earnings Visibility Drive

• Axis Mutual Fund's Karthik Kumar emphasizes earnings visibility as the key driver for Indian equities.
• The fund is underweight on IT due to mediocre growth prospects and lack of near-term triggers, despite improved valuations.
• Axis MF is bullish on domestic cyclicals, particularly autos (two-wheelers and four-wheelers), financials, and power transmission companies.
• Kumar notes improved valuations and slowing foreign investor selling after India's recent underperformance.
• He recommends diversification into precious metals like gold and silver for long-term structural benefits.