'India still not a buy on dips market; FII flows unlikely to pick-up soon'

Mahesh Nandurkar, executive director and India Strategist at CLSA, says that the market valuation is still not in the comfort zone

After the sharp fall, the market recovery – even though partial – has been swift. Mahesh Nandurkar, executive director and India Strategist at CLSA talks to Puneet Wadhwa ahead of their 21st India Forum on his interpretation of how the markets have played out over the past few months, the road ahead and his sector preferences in this backdrop. Edited excerpts:

What is your interpretation of how the markets have played out over a couple of months?

The market movement was quite sharp, but it did not come across as a surprise. We had been cautious about the market for