Markets not fully discounting headwinds at the current levels: Emkay Global

New-age businesses are not going away; ignoring them completely can be injurious to one's portfolio's health, Karwa said in this exclusive interview

It has been a stupendous liquidity-driven run for the equity markets in Samvat 2077. As they prepare to usher in the new year, KRISHNA KUMAR KARWA, managing director, Emkay Global Financial Services, tells Puneet Wadhwa in an interview that stocks will track earnings and valuations, and to that extent companies whose stock prices are reflecting the optimistic outlook three – four years down the line are most vulnerable to price and time corrections. Edited excerpts:

How do you see the markets play out in the next Samvat? What are your return expectations from the frontline indices and the mid, small-cap