Market Returns on stocks will be much better in 2020, says Harsha Upadhyaya of Kotak MF Updated : December 26, 2019 11:07 AM IST Broader market valuations were in favour of long-term investors, said Harsha Upadhyaya, CIO-equity at Kotak Mutual Fund. The investors have to move out of some of the expensive stocks and get into the ones where there was valuation comfort and not much downside, he said. According to him, only select IT and pharma stocks will remain good defensive bets in 2020. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.