October 1: We’re getting increasingly constructive on banks, says S. Naren of ICICI Prudential AMC. The near-term prospects are average, but if growth returns, banks will benefit the most, he says. IT is an outperformer but large-cap stocks are not cheap, they’re priced for growth, he says, adding that ICICI focuses on mid-cap stocks. “We like pharma but have to be careful as we don’t see big upsides here. Meanwhile, FMCG stocks continue to do well but are expensive,” he adds.