Sideways Market Ahead: Most positives are priced in; expects markets to stay range-bound for the next 6–9 months due to high valuations and modest earnings growth.
Muted Earnings Growth: FY26 EPS growth seen at 10–11%, with risks of downward revisions amid low nominal GDP growth (9%) and soft inflation.
Valuation Mismatch: Broader market trades at ~21–22x earnings; excluding financials, valuations stretch to 25–26x, creating growth-vs-price concerns.
Cautious Macro Trends: Slowing GDP, soft GST collections, and weak auto sales indicate waning momentum; monsoon has distorted near-term data.
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