India equities face valuation risks, large caps backed: Report
Equirus Securities’ India Equity Strategy report warns of short-term valuation risks even as long-term growth drivers stay strong. It is overweight on auto, cement, FMCG, infra, NBFC, internet platforms, capital markets and oil & gas, and underweight on building materials, industrials & defence, real estate, textiles and logistics. Large caps are expected to lead gains, supported by rural revival.