Emerging markets veteran investor Mark Mobius sees opportunities in the Indian stock market even as the country is battered by a COVID-19 wave.

What Happened: India’s stock benchmark Nifty 50 has risen around 8.1% so far this year even as a raging resurgence in COVID-19 infections over the past month has put the country on the second spot after the United States in terms of the number of cases.

Mobius, the founder of London-based asset manager Mobius Capital Partners,  told CNBC’s “Capital Connection” on Tuesday that he likes software companies, healthcare stocks, as well as firms providing equipment and materials to infrastructure projects and believes it’s probably a good opportunity to buy.

An emerging market proponent and a long-time India bull, Mobius noted the country’s stock market isn’t as impacted by the COVID-19 cases.

See Also: This Fund Manager Believes Low Bitcoin Prices Could Negatively Impact Tech Stocks

“But generally speaking, we know that this is going to pass, that people will get vaccinated and the (COVID-19 case) numbers will come down,” Mobius told CNBC.

On Oil And Cryptocurrency: Mobius told CNBC he’s “not that excited” about the oil sector because oil prices have had an “incredible run” as they recover from the pandemic crash and may not rise much more. 

The investor said he continues to like gold and prefers holding physical gold to buying the not-so-profitable mining companies, adding that he disagrees with the view that Bitcoin could one day replace gold as a hedge against inflation.

The price of Bitcoin has surged from below $30,000 at the end of 2020 to more than $43,000 on Wednesday. Mobius said it’s difficult to predict the direction of cryptocurrency prices and questioned how easy it is to convert Bitcoin and other cryptocurrencies into “real money” that people can spend. 

“I can’t have a crypto ring whereas I can have a gold ring —that’s the real difference,” said Mobius. “It’s a completely different situation and I don’t understand why people say that Bitcoin can be like gold, it’s completely different. Gold is gold and it’s something physical, whereas Bitcoin is not.”

Read Next: Bitcoin Drops Below $40,000 Mark After 3 Months As Elon Musk-Fueled Crypto Selloff Deepens

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