ICICI Pru AMC's Tawakley Urges Caution: Prefer Largecaps, Avoid 'Vaporware' at Market Peak

• Anish Tawakley of ICICI Prudential AMC advises caution at the market's cyclical peak, especially in small and mid-caps.
• Recommends large-cap stocks for a 3-year horizon, avoiding 'vaporware' companies with inflated narratives.
• Favors large, scaled banks and AMCs within financial services; prefers life insurance over general/health.
• Critiques EMS sector valuations based on non-recurring PLI income and warns against loss-making new-age tech.
• Optimistic about domestic economy for 2026, favoring financials, industrials, capital goods, autos, cement.

Why It Matters: Invest cautiously at market peak; prioritize large-caps, proven profitability, and avoid speculative 'vaporware'.