Difficult to make case for sustained underperformance: Saion Mukherjee

India's equity story hinges on consumption, selective midcap bets, and FII flows, while IT faces headwinds and banks offer steady value, says Mukherjee

Indian equity markets have delivered negligible returns over the past year at the index level. Saion Mukherjee, head of India equity research at Nomura, tells Puneet Wadhwa in an email interview that while a risk-on environment may favour mid and smallcaps, a stock-specific approach is recommended. Edited excerpts: 

2025 has so far turned out to be a stock-specific market. Are there any strong triggers that could lift all boats? 

The Indian market has delivered a minus 10 per cent return in US dollar terms over the past year, underperforming global indices. Even broader indices like NSE Smallcap and Midcap have