Broking biz will flourish for those who constantly upgrade: Emkay Global MD

"Maximum returns are seen when small-caps of yesteryear become mid-caps of today and large-caps of tomorrow", says Krishna Kumar Karwa

As front-line indices move slowly towards reclaiming their all-time high levels, Krishna Kumar Karwa, managing director, Emkay Global Financial Services, in conversation with Puneet Wadhwa says the markets have played by the book in 2022-23 (FY23), with rich valuations correcting in response to foreign portfolio investor (FPI) outflows and, subsequently, attractive valuations resulting in FPI flows turning around. Edited excerpts:

What is your assessment on how the markets have played out thus far? Do you expect such volatility to continue in the rest of FY23?

In the past few months, we have seen FPIs investing around $8.1 billion as