Don't see funds moving towards growth stocks from defensives: IV Subramaniam

In a chat with ET Now, IV Subramaniam, Director, Quantum AMC gives his views on defensives:

ET Now: Do you think defensive investing could take a backseat and growth investing could make a comeback which is cyclical, banks and industrials?

IV Subramaniam: Yes, for fund managers who look from the point of view whether to be defensive or to be in growth stocks, it might make sense for them to shift but having said that for lot of people like us who look at valuations ultimately whether it is defensive or cyclicals, we need to look at whether the valuations look attractive and there, we do find sometimes even defensive stocks becoming cheap.

The other point of worry is while the growth looks good and things seem to be reviving, there is still huge tapering which needs to be done and after that, we need to see how businesses work, that risk still remains on the stock markets.