FMCG & pharma can outperform banks for the next 3 years

It is very premature to talk about a five-year and ten-year horizon in the current environment, says Sandeep Tandon, Founder, Quant Group.
A CLSA report is claiming that Indian markets are trading at a 35-40% premium to the historical averages and when that has happened in the past. Nifty either gives a negative return or gives no return for next 12 to 18 months. Your view?
We should not look at just one parameter. As a house, we also should look at it in totality over the VLRT framework. So, we try to look at valuation on one aspect but liquidity and risk appetite are equally important.

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