No new highs for Nifty until valuations cool off: Venkatesh Balasubramaniam, JM Financial

Indian markets may stay range-bound for the next six months as valuations remain stretched and earnings growth stays muted, says JM Financials Venkatesh Balasubramaniam. While FIIs continue selling, strong domestic flows are supporting indices. FY27 could deliver stronger earnings, led by banks and consumption. Investors are advised to stay selective and watch for more attractive valuations.