Gautam Chhaochharia

Chhaochharia discusses factors impacting the markets and the economy

Chhaochharia began his stint at UBS as an analyst covering midcaps and became the head of research in 2013

The value of a strategic privatisation could easily be two to three times these companies' typical valuation

Don't take too much of sector bets as we will continue to see a lot of dispersion within sectors, says Gautam Chhaochharia, head of India Research, UBS

Mr Modi's reform agenda has aided investors in ignoring earnings disappointments over the past four years, Chhaochharia says

India has been the best-performing market globally thus far in calendar year 2017

Any expansionary policy could also be fraught with risks, especially to macro stability. But a broad-based global deflationary cycle could affect India, says

Gautam Chhaochharia, executive director and head of India research at UBS Securities India, talks to Vishal Chhabria on the forthcoming Budget, global and local risks, concerns over bad debt and earnings outlook. Edited excerpts of an interview.What is your take on the relentless selling by FIIs?There are multiple reasons for markets to appear weak to all of us. It starts off with what is happening globally, including in China, which hurts India and in that context it is relevant to highlight that India is a very over-owned market for the last couple of years and that is working against India. When global risk-aversion happens, fund managers are forced to sell to manage exposure risks. Locally, there has been an issue of heightened over-optimistic expectations about how quickly and sharply growth recovery can happen. The reset of these misplaced expectations is also hurting.FII buying is unlikely to pick up in a hurry. So, now for India to keep getting positive inflows in the equity ma