HSBC Mutual Fund CEO Kailash Kulkarni anticipates discretionary consumption, banking, and defense sectors to be key investment themes in 2026. He expects improved liquidity, income-tax relief, and GST rationalization to boost discretionary spending. Kulkarni also highlighted opportunities in power and cement, with financials remaining structurally attractive due to savings trends and credit penetration. The CEO noted a shift towards domestic growth and selective cyclicals, with private capital expenditure poised to increase.