HDFC Securities: Banks, IT Top Picks; Steel Favored Over Base Metals for 2024

• Unmesh Sharma of HDFC Securities is bullish on Indian equities, favoring banks, IT, and consumer stocks.
• He expects recent corrections in consumer and IT sectors to reverse, with AI concerns for Indian IT fading.
• HDFC Securities maintains equal weight for Infosys, TCS, and includes LTIMindtree in its model portfolio.
• Sharma prefers steel (Jindal Steel, Tata Steel) over base metals due to domestic demand from infrastructure and real estate.
• Key picks include Siemens and Cummins for energy transition, and Bharat Forge, Samvardhana Motherson in auto components.

Why It Matters: HDFC Securities' Unmesh Sharma sees banks, IT, and steel as top investment themes for the year ahead.