'Gradually increase equity, avoid lumpsum investing'

Summary: The current crisis rhymes with Russia-Ukraine, says Hiten Jain. But India's exposure is more sensitive this time. His advice on how to invest right now is specific and worth hearing before you act. Amid rising geopolitical tensions and a sharp uptick in crude prices, Hiten Jain believes the current market correction reflects uncertainty rather than a breakdown in fundamentals. The fund manager at Invesco Mutual Fund argues that such phases are best approached with gradual investing rather than bold lumpsum bets. At Invesco, Jain oversees six schemes with assets of around Rs 10,800 crore, including the Invesco India Technology Fund. His Financial Services, Focused and Largecap funds carry four-star ratings from Value Research. He has over 17 years of experience across equity research and fund management, including a stint at CRISIL covering technology and banking. In this conversation, Jain explains how his investment framework blends top-down themes with bottom-up stock selection and why he is willing to back new-age businesses with long growth runways despite near-term profitability gaps. After the recent correction, valuations in the Indian market appear to have moderated. How do you assess the market at this stage? Are fresh opportunities emerging, and what key risks should investors watch for? Obviously, the stock markets have corrected. In a way, it somewhat rhymes with what happened about two years back when the Russia-Ukraine war began. At that time, there were serious concerns about crude oil prices, and it took about 6-9 months for things to stabilise. Not so much for the war itself, since it lasted much longer and still continues to some extent. However, the impact on crude prices gradually decreased over time. This time again, because of the conflict involving Iran, we are seeing a sharp increase in crude prices. India, as an importing nation on the crude front, tends to be significantly impacted. As a result, there has been a meaningful stock market correction. At the same time, it is very difficult to take a firm view at this stage because one does not know the intensity of the challenge or how long the situation will continue. But in terms of potential impact, India could be more affected this time compared to the Russia-Ukraine episode. While the headline number for crude is still closer to $100, it could move higher. Another important factor is the Strait of Hormuz, from where nearly 50 per cent of our LNG (liquefied natural gas) imports come. That makes the situation more sensitive for India. If the situation escalates further, there could be a serious impact on the LNG front. In fact, we have also seen the government taking cert