Earnings visibility poor for next few quarters: Dy CIO of Nippon India MF

Consolidation driven by balance sheet strength is visible in virtually every sector of the market, says Sailesh Raj Bhan, deputy chief investment officer (CIO)–equity investments, Nippon India MF. In an interview with Ashley Coutinho, he says mid and small-caps look attractive from a 3-5 year perspective. Edited excerpts:  Q> What has led to the sharp rebound in the market in the past two months? The sharp rebound is driven by many factors, liquidity being just one of them. The fall in March had taken valuations way below fair value given the uncertainty in confidence.....

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