2022 corrected markets midway, valuations still high: UTI AMC's Ajay Tyagi

In a Q&A, Tyagi says 2023 could be a year of consolidation because the market is trading at a 15-20% premium to long-term averages

The market is trading at 15-20 per cent premium despite a time correction in 2022 and next year could see further consolidation, says Ajay Tyagi, Head of Equities, UTI AMC. In a conversation with Abhishek Kumar, he also explains why investors should not have high hopes from the coming Budget. Edited excerpts:

What should one expect from the equity market in 2023?

The year 2023 could be one of consolidation simply because the market is trading at a 15-20 per cent premium to long-term averages. Normally, markets consolidate in such situations and rightfully so. Moreover, global GDP growth is likely