Large-caps expensive compared to long-term averages, says Mihir Vora

'We are positive on private-sector banks, both retail and corporate', said Mihir Vora, director & chief investment officer, Max Life Insurance

While liquidity has been countering the slowdown so far, growth needs to catch up, says Mihir Vora, director & chief investment officer, Max Life Insurance. In an interview with Business Standard, he says relative valuations of mid-caps versus large-caps are looking comfortable even though earnings growth remains evasive. Edited excerpts: 

What is your market outlook for 2020? 

The markets are likely to be driven by three factors. First, the global liquidity tap has been switched on in the past quarter as the US Fed has begun asset purchases. The foreign flows that we saw in the past few months are