Vinay Jaising highlights NBFCs and capex plays as key investment opportunities

India’s metals, infrastructure and financial sectors are showing signs of selective strength, according to market expert, Vinay Jaising of ASK Private Wealth. Speaking in an interview with ET Now, he highlighted key investment opportunities while cautioning on areas that require a careful approach.

On the metals sector, Jaising suggested investors focus selectively. “We do like the infrastructure and capex space because capex, which slowed down in the last couple of months, is expected to come back. We are looking at metals selectively, but there are better infrastructure plays like pipe, port, tube, and cement companies,” he said.

The recent momentum in metals has drawn attention, but Jaising believes broader infrastructure segments remain more promising. Sectors tied to government and private investment spending—such as pipe and port companies—offer more tangible upside potential, he noted. One or two metal names could still outperform, but they are exceptions rather than the rule.


Turning to the financial sector, Jaising addressed private banks, which have faced pressure from rising credit costs and compressed margins. “Loan book growth is close to bottoming at 10–11%. Government actions on GST and taxes, along with the festive season, should boost loan growth. However, it may be better to be underweight private banks and overweight NBFCs and select capital market plays,” he said.

Jaising’s comments offer a nuanced strategy for investors. While private banks may benefit modestly from improved loan growth, non-banking financial companies (NBFCs) and certain capital market segments are likely to see stronger gains in the near term. This reflects a broader trend of shifting investment focus towards companies that can capitalise on upcoming economic stimuli.

As India’s economy navigates fluctuating macro conditions, Jaising’s perspective underlines the importance of sector-specific selection. Infrastructure, selective metals, and focused financial plays could provide the best risk-reward balance. Investors looking to optimise returns may do well to prioritise areas linked to government-led capex, seasonal demand boosts, and sectors positioned to benefit from structural growth in lending and capital markets.

With these insights, investors are advised to take a discerning view, balancing selective opportunity with caution in sectors facing near-term pressures.