With crude oil at $75 a barrel, inflation heading to lower levels and macro growth looking strong and being supported by manufacturing and services, we see a limited downside and expect markets to deliver a decent return over the next 2 years.

If the United States continues to raise its interest rates amid an impending global recession, it is expected to have a significant impact on the country's economic slowdown.

In our judgment, over the last six-seven years, pharma has actually gone nowhere and all the negatives that this sector has seen, both in terms of volume contraction as also prices coming down particularly in the export market, those have played out in stock prices.

​And after a long-long time if you see the price action especially in mid and small caps, it is suggesting that the sentiment has really changed.

​But if you are still at 65% of equity on your portfolio today, then do not be worried about where the market level is. In fact, this is a level where you need to build in and get to your desired 70% allocation.

​However, I am not a big believer in China stimulus being able to push demand meaningfully because their problem for housing sector runs very deep.

​One word of caution here I may just want to give and specifically for the thematic plays that one would want to play because it is not right because when you construct a portfolio you talk about core allocation, you talk about strategic allocation and then the tactical bit.

“The first buy recommendation is on Metropolis. This stock has provided a breakout from multiples showing resistance. It has formed a good rectangular or a good consolidation base formation at the lower end after falling quite a lot. NMDC is the other candidate which is seeing short covering in this sideways or downtrend market. ”

Our growth can largely be attributed to the strong volume growth we achieved in our wires and cables business on the back of sturdy demand from government-led initiatives as well as private sector-driven demand.