No market crash on the horizon; private banks to pip PSBs, power a mega theme: Ravi Dharamshi
Ravi Dharamshi, CIO, ValueQuest Investment Advisors, says the generalization that the entire market is expensive tends to miss out on a lot of nuances. There are pockets where there is overvaluation and there are pockets where there is some opportunity present from the next three to five years. India is making itself stand apart from the rest of the world because it is driven by domestic flows. It is driven by much stronger fundamentals. While a correction cannot be ruled out, we are not on the verge of a crash or any crisis that will lead to capital disruption.
Right now, the big trigger is going to be coming in from the Fed midweek, but other than that, it is a global rally in place, be it for the US, be it for us. For us, the FIIs also now have made a comeback. How are you feeling about the market?
Ravi Dharamshi: There is a lot of scepticism, justifiably through the valuations. But valuations are a necessary condition, not a sufficient condition for the markets to correct. I would say the generalization that the entire market is expensive tends to miss out on a lot of nuances. There are pockets where there is overvaluation and there are pockets where there is some opportunity present from the next three to five years.
India is making itself stand apart from the rest of the world because it is driven by domestic flows. It is driven by much stronger fundamentals. Even as compared to the US, the stage of the economic cycle we are in is very different. We just began our cycle three years back, while the US has
