What could be the next trigger for telecom stocks?

Sectors that were out of favour in the last 5-10 years are now coming back on their own, says Anshul Saigal, Portfolio Manager & Head – PMS, Kotak Mahindra AMC. Edited excerpts from his interview with ET Now:

What is your reading of the mild consolidation seen in the market? The broader market has put up a decent show.

What is not visible to the observer of frontline indices is that there is a broad-based uplifting of stock prices in the Indian bourses. In the last 3 years, the rally was quite polarised and favoured only a few select largecaps and the so-called quality and high cash flow kind of companies. This is becoming more broad-based now.