Most investors expect a market correction: Naveen Kulkarni, Axis Securities

Market's focus has shifted to corporate earnings' growth, backed by comfort in valuations, says Naveen Kulkarni, chief investment officer at Axis Securities.

The up move in the market came to a grinding halt post Infosys' June 2023 quarter results last week. NAVEEN KULKARNI, chief investment officer at Axis Securities PMS, tells Puneet Wadhwa in an email interview that the market is ignoring serious risks that have a decent probability of materialising. Edited excerpts:

Has the sharp up move in the markets in the last few weeks taken you by surprise?

The up-move was not surprising, but the movement has been sharper than our expectations. This generally happens in equity markets as these swings are more-than-expected. In the last year, market valuations were