Pratik Gupta, CEO & co-head of institutional equities at Kotak Securities, has said that he doesn't see any immediate trigger for the market to come off despite hefty valuations.
Gupta, in an interview with CNBC-TV18, on Tuesday, said the market may continue to go up.
“India is now an outlier versus almost all emerging markets, we are up 27 percent year to date (YTD), whereas the MSCI EM Index is down 3 percent, China is down 7 percent, Malaysia down 6 percent. It's only markets like small emerging markets like Sri Lanka and Argentina, Poland are up 40-50 percent, but amongst the large emerging markets, we have been the best performing market,” he said.
However, according to Gupta, valuations have become an issue in India now.
He said the RBI will keep interest rates on hold for some time. “RBI, which is also likely, in our view, to keep interest rates on hold for now, but from a retail investor’s perspective what is happening is the alternatives are not yielding good returns, whether it's bank fixed deposits or other fixed income products or real estate or gold. Therefore, you start getting more flows into equity markets,” said Gupta.
For the entire interview, watch the video