Bernstein recommends buying Indian wealth managers, citing their unjustified drawdown during the market selloff.
Nuvama Wealth fell 16% YTD and 360One Wealth down 7% YTD, while most asset managers held up or gained.
Bernstein rates 360One and Nuvama as Outperform and Anand Rathi as Market‑Perform; valuations at 27x/23x and 19x/16x FY27/28 respectively.
Analyst highlights client base resilience, strong Q2‑Q3 net flows, and that even a 10% earnings cut keeps valuations attractive.