“Ajay Tyagi of UTI AMC anticipates Indian equity markets will remain range-bound for an extended period, potentially up to a year. This outlook is driven by elevated valuations, with large-caps at a 15-20% premium to long-term averages, and subdued earnings growth in FY25 and FY26 (6-7% vs. 12% trend). While FY27 is expected to see 16% earnings growth, much of this optimism is already priced in, limiting substantial market upside despite domestic institutional support.”

Ajay Tyagi’s track record: 4 graded calls · 95% CI 15–85%