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Nifty's FY25 high start prompts large-cap focus for moderate returns amid market volatility. Rebalancing advised. Market valuations remain fair despite earnings challenges.
"We have been talking about manufacturing pickup, particularly aided by export-led demand for some key sectors like mobiles, white goods, automobiles, and textiles. So, 2024 will determine the conclusive success of these schemes. We believe India has made a sufficient mark on the global platform, and 2024 should provide us with early signs of success on further pickup in the economic activities front."
"As far as valuations are concerned, our Fair Value Spectrum indicates that valuation for Nifty 50 is in the “Fair” zone. Within equity, our reading of the situation is that, large caps are relatively attractive than small and midcaps. Then we must consider two aspects while discussing the topic of asset allocation: current allocation and incremental allocation."
Patwardhan believes that India today is better placed to face both global and domestic headwinds, and the risk-reward in small- and mid-caps doesn't look as good as it did a year ago