'Difficult to argue for material upside in the market from current levels'

Any delay or disappointment on earnings recovery in FY22 can mean downside risk to the market, according to Badshah

It has mostly been a one-way street for the markets from their March 2020 low. TAHER BADSHAH, chief investment officer (equities), Invesco Mutual Fund that has nearly Rs 24,000 crore worth of assets under management (AUM) tells Puneet Wadhwa that the sharp rally across sectors does reflect the enthusiasm around reopening of the economy and resultant restoration of demand. Edited excerpts:

Is it safe to assume that the markets are out of the woods now?

After not only a strong recovery off the March 2020 lows but even the more recent rally of nearly 15 per cent in the frontline