'I'm positive about the stock markets'

Looking at the state of the markets earlier, it was the domain of the debt funds, but with the markets being able to turn around, investors are willing to look at the equity funds. There is some amount of revival.

I think we have put behind us largely the events of 2002 and the stock markets are beginning to see signs of recovery.

Clearly, private sector mutual funds have been increasing their market share in 2002. There's also some consolidation happening in the mutual fund industry, which is good for the long-run.

Now, the performance of the markets in 2003 depends on the US-Iraq war, the Budget, and the decision on divestment

Although I may not be very bullish on the stock markets, I'm definitely positive. The year 2002 has not been as bad as what investors suffered post 2000.

Some of the exciting industries right now are information technology, pharma, auto ancilliaries and commodities.

After Reliance's discovery, the oil and gas discovery looks like the sunrise industry. It is difficult to say much because a lot depends on major upcoming decisions. I think I have a mixed feeling about the stock markets in 2003.

Paras Adenwala is fund manager, Birla Sun Life Mutual Funds. He spoke to Kanchana Suggu.

2002: The Year That Was