Markets are not expensive at the index level: Anup Maheshwari

Interview with executive vice-president and head of equities at DSP BlackRock Investment Managers

With the markets rallying nearly 19 per cent since December 2016 lows driven by liquidity, ANUP MAHESHWARI, executive vice-president and head of equities at DSP BlackRock Investment Managers tells Puneet Wadhwa that flows to India will continue, as investors across the globe look for countries which offer higher growth, stable politics and reasonable valuations. Edited excerpts:

Have the markets run ahead of fundamentals?

In absolute terms, while the S&P BSE Sensex is trading around its all-time high, we cannot say the same in regards to valuations and metrics like price-to-earnings (P/E), price-to-book value (P/B), market capitalisation-to-GDP and corporate profits-to-GDP. The valuations are above