The Economic Times

ETMarkets Smart Talk| Avoid 4050x P/E stories without earnings backing, says Sandeep Nayak

Markets are entering a discerning phase, shifting from narratives to performance. Investors are cautioned against chasing high-P/E small and mid-caps without earnings visibility, as multiple compression is likely. India's medium-term outlook remains constructive, driven by earnings delivery, global liquidity, and FII flows.