This is the year to build portfolios, don’t expect a big bounce back in near term: Aniruddha Naha

economictimes.indiatimes.com:

Aniruddha Naha, CIO-Alternates, PGIM India Asset Management, says this year is probably the year to build portfolios and not expect too much in terms of absolute returns. PGIM would cautiously continue to build portfolios over a period of time. But in the near term, we do not see the markets bouncing back in a large way.
Naha further says that a 5-10% correction from here into capital goods would make it very interesting. Plus, there is reasonable value in largecap financials, especially on the lending side. There is also value in segments like textiles, chemicals and agrochemicals, which have been beaten down over the last three years. Healthcare is something they are very confident in. Given the fact that markets have declined more than 10% from their recent peak, with all the major events behind us, how are you reading into the current markets and do you expect a recovery anytime soon or do you expect the markets to continue to lag for the next six months?
Aniruddha Naha: Our view is probably the worst of earnings is through.

Next quarter onwards. We would probably see some positivity with regards to the festive season, etc. But given where the valuations are and given where the global macros are, we have clearly communicated that this year is probably the year to build portfolios and not expect too much in terms of absolute returns.

We would continue to build portfolios over a period of time cautiously. But in the near term, we do not see the markets bouncing back in a large way. A large part of the price correction is over.