NEW DELHI: A weak rupee is good for the stock market, and companies that have big export-oriented franchise benefits like IT, pharma and auto ancillaries, will gain from it, says Saurabh Mukherjea Founder, Marcellus Investment Managers.The economy, in general, is chugging along reasonably well with consumption and the lighter end of capital goods picking up, which Mukherjea said will continue till elections.In an exclusive interaction with ETNOW, Mukherjea said BFSI remains a sore point. “Valuations in the sector are skyrocketing despite rising interest rates and rising inflation, and that’s a very worrisome combination, he said.Mukherjea said the biggest worry for the economy is that the crux of the Indian banking sector – public sector lenders – is gone. In last 5-6 years, PSU banks gave us the buffer whenever liquidity tightened in western economies, but now since there is no liquidity with these banks, Indian economy will be more exposed to adverse effects in the West than 5-6 year ago. There is no cushion to a possible western liquidity shock.He said the rise of smaller towns will continue in India and new opportunities will emerge there. La Opala, Astral Poly and Kajaria Ceramics are examples of regional players becoming national ones.He said going forward, half of the BSE500 firms won't be there, as newer players will replace them. "That's the churn to play for. The change, in a way, is not so much in Mumbai, Delhi or Bangalore, but a little far away and that's where the new opportunities are," Mukherjea saidHe said he was excited about owning small, well-managed companies in the B2C segment and sees several opportunities in companies like Amrutanjan.Mukherjea continues to be bullish on Page Industries, which has been growing consistently across segments with strong returns. It continues to be Mukherjea’s trade mark 'Coffee Can’ counter.Apart from Page Industries, his three other Coffee Can picks include HDFC Bank Marico and Astral Poly Technik.Mukherjea said RoCE or return on capital employed is a critical metric as opposed to earnings, which most people believe in. He said he does not advise selling stocks with high RoCE.