“Manish Sonthalia of Emkay Investment Managers is selectively bullish on Indian markets for domestic investors over a three-to-four-year horizon, noting that valuations have corrected to near COVID-era levels and domestic savings are replacing foreign flows. While a broad market recovery may take until FY28 due to geopolitical conflicts and inflation shocks, he recommends focusing on resilient sectors like commodities, consumption with pricing power, defence, renewables, and hospitals. He also favors private banks for the long term and PSU banks for their valuations, emphasizing careful selection.”