Sanjeev Prasad, Sr ED & Co-Head, Kotak Institutional Equities said in an interview, "After a sharp rally witnessed so far in the last 12 months, the market does look expensive and the valuations have stopped making sense"
He further said, “If you look at market valuations, it has stopped making sense. If we look at Nifty50, it is trading 20x March 18 numbers, which is still expensive. The bigger challenge is that the composition of Nifty has got nothing to do with India.”
“As much as 60 percent of the earnings are either got to do with global commodity stocks or global commodity companies,” said Prasad.