Kotak's Sanjeev Prasad: Tariffs and High Valuations Limit Market Gains Despite Improving Macro Data
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Kotak's Sanjeev Prasad: Macro Indicators Up, But Tariffs & Valuations Cap Market Upside
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CNBC TV18•23-02-2026, 13:53
Kotak's Sanjeev Prasad: Macro Indicators Up, But Tariffs & Valuations Cap Market Upside
•Sanjeev Prasad of Kotak Institutional Equities notes improving macro indicators but cautions on market upside due to tariffs and high valuations.
•US trade tariff uncertainty creates planning challenges for businesses, despite a slight decline in India-linked tariffs.
•India's economic activity shows improvement with increased electricity demand, steady cement/steel demand, and accelerated credit growth.
•Corporate earnings beat estimates, with Nifty 50 companies reporting 10% profit growth and broader universe 15%.
•Market valuations remain elevated (Nifty 50 at 21x forward earnings), requiring stronger earnings delivery to justify current levels; AI's economic impact is still early to assess.
