FY20 may belong to mid-and small-caps, says Anand Rathi's Pradeep Gupta

Gupta said the reform process implemented in the past 4-5 years would yield some positive results from the second half of this year

The valuation of mid-and small-cap stocks corrected heavily, by an average of 40-50 per cent, in 2018. However, PRADEEP GUPTA, vice-chairman of Anand Rathi, believes these two market segements are in a recovery mode and may benefit from a positive growth in Indian economy and corporate earnings. Edited excerpts of an interview with Chirinjibi Thapa.

What's your outlook for the market in financial year 2019 - 20 (FY20)?

Stock markets ended FY 18-19 on a good note with the S&P BSE Sensex rallying 17 per cent and Nifty50 gaining 15 per cent. A bulk of these gains came in the month of