ETMarkets Smart Talk: We retain cautious stance on Indian market for FY24: Kunal Vora, BNP Paribas India

According to Kunal Vora, Head of India Equity Research at BNP Paribas India, concerns such as tightening liquidity, high levels of earnings optimism, and expensive valuations have led to a cautious market outlook that is likely to continue into FY24, with no expansion in valuation multiples predicted. The financial and IT services sectors are expected to perform well, with a possible recovery in rural consumption. Large caps and reasonably valued stocks are preferred over small and midcap stocks.