Udayan Mukherjee thinks United Progressive Alliance (UPA)  will spend quite a bit on infrastructure. So infrastructure, will be the bigger cluster which will benefit materially.

Infrastructure will be the bigger sector to benefit materially ftom the UPA's win. CNBC-TV18 shares with domain-b Udayan Mukherjee's comments.

There will be few sectors to bet this morning. I think it's been noted over the weekend that some of the sectors where people were hiding in, they might go underweight on. Stocks like Hindustan Unilever, FMCG, pharma even IT because the rupee is already at 48.5, they may under perform in this kind of a market environment.

There are two large clusters which people would be betting on; one is the financials because of expectation of reforms etc. But there have been very pertinent points which have been made by lot of commentators over the weekend, suggesting that the Congress Party's focus is not exactly on the capital market side of it.

They may do reforms in their own way which are very long-term, medium-term repercussions on the economy and very positive but they may not rush to divest first or to do bank consolidation first or get FDI (Foreign Direct Investment) and insurance first; they may do other bigger things.

So the bank rub-off is not unexpected or unjustified but it might be more of sentiment and it may take a long while for things like government bringing stake down to below 51% in banks, rushing to consolidate banks etc. So banks will go up this morning but for sentiment rather than material things which will happens just in the next six months.

The other cluster in infrastructure and that is the one to bet on because whatever the government does now, unshackled as it is, it will go for infrastructure spending. It will have recourse to more money because it will divest now, there is no Left to hold it back and I think they will spend quite a bit on infrastructure because of larger availability of two funds at this point. So you got to back infrastructure.

You could back some of the road construction kind of companies; you could back the power companies and maybe some of the PSU (Public Sector Undertaking) as well the NTPC kind of companies.

So infrastructure, I suspect will be the bigger cluster which will benefit materially and that might be the most legitimate way to play this one.

There are smaller things like you could play few banks which own insurance companies; they will go up because of expectations etc, so there are smaller themes but the two big ones are banks and infrastructure. For my money, I think infrastructure would be the better one.