Market valuations have become demanding: IIFL Securities MD R Venkataraman

It has mostly been a one-way street for the markets over the past few weeks, with the Sensex and Nifty hitting fresh all-time highs. R VENKATARAMAN, managing director at IIFL Securities, tells Puneet Wadhwa in an interview that small-caps could outperform their large-cap peers due to a risk-on rally. Edited excerpts:

How should one approach the markets, given the all-time highs? Is this the time to be greedy or fearful?

The Nifty has rallied around 70 per cent from its March 2020 lows. While the recovery was fairly broad-based, the market performance could narrow. Select sectors and companies that have a visibly