There is room for more correction in Indian equities: Kotak AMC CEO

The impending US Fed taper programme and strengthening of the dollar leading to possible liquidity pull out from EMs, says CEO

The recent pullback in the market can hardly be called a correction and valuations remain high, says Harsha Upadhyaya, chief investment officer - equity, president, Kotak Mahindra Asset Management Company. In an interview with Chirag Madia, Upadhyaya says investors should use volatility to build a long-term portfolio. Edited excerpts:

Have valuations turned attractive after the latest pullback?

Domestic equities have seen more time correction than value correction in the last few weeks. Earnings estimates for financial year 2021-22 (FY22) and FY23 have remained broadly unchanged, while the market is down only 5 per cent from its peak. Nifty is currently trading at