Auto is an extremely attractive contrarian bet: Shiv Sehgal, Edelweiss

Despite the correction, our valuations relative to other emerging markets (EMs) haven't yet come off. Thus, FIIs are a bit cautious

Soaring oil prices and its impact on inflation have turned growth outlook uncertain and increased macro-vulnerabilities. Against this backdrop, SHIV SEHGAL, president and head for institutional equities at Edelweiss Securities, tells Nikita Vashisht in an interview that unlike the past, both banks and NBFCs are perhaps the best capitalised in a decade, and hence have high resilience to global shocks. Edited excerpts:

What is your assessment of India's medium-term macro landscape given the global headwinds?

The near-term global environment is clearly challenging with both oil and rates moving higher. However, what’s different this time compared to previous episodes is the balance-sheet