Varun Lohchab, Head of Institutional Research at HDFC Securities, says metals remain a tactical play with limited upside after the recent rally, as the firm shifts to equal weight. He sees selective value emerging in private banks post correction, while PSU banks may struggle to sustain outperformance. On OMCs, he believes the recent sharp correction has priced in near-term earnings risks, with margins likely to normalise in the second half of the year if crude stabilises.
