'Capital market-related stocks already discount couple of years of growth'

The margin of safety in capital market stocks for near-term investors is limited

As the markets prepare for India Inc. to unveil its earnings for the June quarter, SACHIN SHAH, executive director and fund manager at Emkay Investment Managers, tells Nikita Vashisht in an email interview that the markets are likely to stay range-bound until early results and management commentaries provide clearer guidance on business outlook. Clarity on both fronts—tariffs and earnings, he said, could act as catalysts for the next leg of the market move. Edited excerpts:

 

What is your reading of the current market scenario? How long will this consolidation phase last?

Market consolidation could be a function of some profit booking