Investors must have moderate return expectations in 2023: Nippon India exec

Earnings could be challenging as global economic growth is weakening, says Sailesh Raj Bhan

Indian markets were "remarkably resilient" in 2022 to reach record levels, said Sailesh Raj Bhan, deputy chief investment officer--equity investments, Nippon India Mutual Fund. Investors would be wise to have moderate return expectations in 2023 as global uncertainties remain, he told Sundar Sethuraman in an interview.

Here are edited excerpts from an interview.

How do you sum up the year gone by? What unique things have you experienced as a money manager?

The resilience of Indian markets has been quite remarkable, as the markets scaled record-high levels amidst heightened global volatility. The global risk-off phase led to sharp outflows from global and emerging