Near-term outlook complicated, but bullish on equities: ICICI Pru's S Naren

Value opportunity in stocks is more and we think over the next 2-3 years, the opportunity will continue to exist, says S Naren, CIO, ICICI Prudential Asset Management Co

One of the largest local Indian funds is turning bullish on the country’s equities just as foreign investors are exiting Indian stocks at a record pace.

Three months back, “both valuation and investor exuberance were a problem, which is why we recommended asset allocation and debt funds,” said Sankaran Naren, Mumbai-based chief investment officer at ICICI Prudential Asset Management Co. But now, “value opportunity in stocks is more and we think over the next 2-3 years, the opportunity will continue to exist.”

Sustained buying by domestic investors like ICICI Prudential has helped Indian stocks avoid a sharp rout as the surge in