Zerodha co-founder Nikhil Kamath said he is bullish on Indian equities and is fully invested. He cited a fall in oil prices to $73-74 a barrel and said rupee has depreciated so much that Indian companies are looking relatively cheaper.  In an interview to Bloomberg, on the sidelines of World Economic Forum, Kamath said he is 90 per cent allocated, which is the highest allocation to Indian equities he has had in a while. 

Kamath said Indian market has not corrected per say, but has largely stayed where it was a few years ago.

"I am sure people are getting restless as their portfolios have not seen significant upside. But that is the nature of investing in equities. Over a long-term, 10-20 year period, we have always ended up deliver 12-14 per cent return. The last couple of years were not great, but we will come around," Kamath told Bloomberg. 

Kamath said energy transition has been a theme he likes including electric vehicle makers and battery companies. Kamath said he has a contrarian bet on IT sector. Kamath said he is buying some well-run IT services companies that are trading cheap at 13-14 times forward earnings per share. He also likes pharma, hospitals and tourism. The Zerodha co-founder said 95 per cent of his investment thesis is on India. 

In the light of the recent crackdown on F&O trading, Kamath said the reason why a company like SpaceX can raise a big amount in the US is the robust market that is liquid and with certain degree of speculation. 

"It is not a binary thing. Speculators are required. If not for speculation... if all of them to go away one day, I think the market will become very shallow. It would be a much bigger problem than having some speculators today," Kamath.