Private banks near bottom, midcaps remain attractive: HSBC MF's Venugopal Manghat

HSBC Mutual Fund CIO – Equities Venugopal Manghat believes private sector banks are close to a bottom, supported by improving liquidity, loan demand and attractive valuations. While he remains positive on midcap and smallcap stocks over the medium to long term, he advises investors not to chase expensive industrial, defence and select mid-cap names, preferring to use market corrections to build positions.