Most sectors and stocks are trading at rich valuations, with the extent of overvaluation rising in inverse correlation to market capitalisation, quality and risk, Kotak Institutional Equities said in its strategy report. "We do not find much value in most parts of the market despite the recent sharp correction in the market," it said in the report. The broking firm expects the domestic market to remain lacklustre due to expensive valuations across sectors, potential earnings downgrades, and higher-for-longer interest rates on the global front, adding that the December quarter earnings growth 'did little' to change its cautious view of the market.
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