Bay Capital's Nikunj Doshi: Four Secular Themes for Smart Portfolio Allocation

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Bay Capital's Nikunj Doshi: Focus on 4 Secular Themes, AI Impact on IT Services

Nikunj Doshi is the Managing Partner, and CIO-PMS at Bay Capital

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Moneycontrol•28-02-2026, 07:04

Bay Capital's Nikunj Doshi: Focus on 4 Secular Themes, AI Impact on IT Services

•Nikunj Doshi of Bay Capital advises focusing on four secular themes: consumerism, financialization, digital-first companies, and IT outsourcing for portfolio allocation.
•He believes the current market phase offers opportunities for long-term investments, with USD and gold acting as hedges against global volatility.
•Doshi acknowledges AI-led disruption is difficult to predict but emphasizes analyzing its impact on each industry and company separately, foreseeing job profile changes and reskilling needs.
•He expects near-term uncertainty and volatility in the IT services industry due to AI, leading investors to remain underweight on the sector.
•Doshi sees PSU banks narrowing the valuation gap with private banks due to improved asset quality and growth in their asset book with a picking up capex cycle.

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