Next six, eight months would be a period of consolidation for Indian markets at best, Harsha Upadhyaya, CIO-Equity, Kotak AMC, tells Tanvir Gill of ET Now in an exclusive interview.
Edited excerpts:
Given that there is a wave of selling in emerging markets, do you think some of the FII dominated stocks could remain under pressure and markets should remain wary of them?
It is very difficult to generalise saying that all the FII-held stocks will be under some pressure because at the end of the day, all investors will take decisions based on the future expectations of growth and how they are expected to make money in a particular stock. I would rather not guess saying that there are specific pockets where the selling could be more intense than other pockets. Having said that, I think market continues to have macro headwinds. currency depreciation, crude oil moving up, interest rates moving up and so in the light of all these headwinds. Definitely, the bias is on the negative side, especially given the fact that the valuations continue to remain elevated or above average on historical basis as well.
