Consumer goods shares such as Hindustan Unilever
Hindustan Unilever ended with gains of nearly 10 percent after hitting an all-time high of 699.35 rupees, while ITC
Rajiv Jain whose $9 billion Virtus Emerging Markets Opportunities Fund holds stakes in ITC, HUL, told Reuters in an interview that he shares concerns about India. However, his bets are mainly consumer products firms as they generate some of the fastest earnings growth in the world on the back of a growing middle class.
"These are expensive defensives. Tactically there may be more upside but caution should be exercised at such levels," said G. Chokkalingam, executive director and chief investment officer at Centrum Wealth Management.