Whalesbook
Harsha Upadhyaya, Chief Investment Officer at Kotak Mahindra Asset Management Company, believes Indian stock markets are entering a balanced phase, becoming less reliant on foreign investors. He notes that Indian stocks' recent underperformance makes valuations more reasonable. Upadhyaya anticipates improving corporate earnings supporting market performance, but cautions against expecting extraordinary rallies seen post-2020. He expresses limited long-term potential for large-cap IT services at current growth levels, favouring non-IT sectors and specific tech businesses. He also advises caution on IPOs, emphasizing thorough valuation assessment.