Fundamentally sound stocks are available at inexpensive valuation: S Naren

"Investors have realised the trouble in the debt markets is not systemic and it has been business as usual for fund houses with good quality underlying debt paper," Naren said

S Naren, executive director and chief investment officer at ICICI Prudential AMC, speaks with Puneet Wadhwa about the road ahead for the markets, investing strategies in the equity and debt segment. Edited excerpts:

The markets, you said in March, presented a once-in-a-decade chance to invest for the long term. Leading indices have surged since then. What is your advice to investors now?

Investor sentiment in March after the market correction was that of panic. At the same time, equity valuations were cheap and presented a once-in-a-decade opportunity, akin to 2008 and 2001. In the near-to-medium term, market volatility cannot be