'Next 3-6 months appear conducive for staggered investment'

Summary: Is this a pause or the start of something worse? After 15 months of sideways markets, Rohit Singhania argues this isn’t capitulation but consolidation. In this conversation, he explains where he’s turning selective, what still looks stretched and why the next few months may reward patience. After 15 months of sideways markets and stock-level corrections, Rohit Singhania sees consolidation rather than capitulation. The Co-Head of Equities at DSP Mutual Fund, who oversees five schemes managing about Rs 45,300 crore, believes the recent phase reflects a time correction driven by earnings disappointment, not the onset of a structural bear market. With signs of stabilising earnings, easing downgrades and stronger balance sheets, he argues that improving visibility now outweighs valuation concerns. Across strategies such as DSP Dynamic Asset Allocation, DSP ELSS Tax Saver and DSP India TIGER Fund, all rated four stars by Value Research, Singhania remains anchored to business quality, margin of safety and disciplined stock selection. In this conversation, he outlines where risk-reward looks favourable and why patience, not panic, is warranted. After the strong rally of the last few years, markets are now moving sideways with sharp stock-level corrections. What would convince you that this is just a healthy consolidation, and what signals would tell you we’ve entered a deeper bear phase? I don’t believe we’ve entered a bear phase. If you rewind 12-15 months, corporate earnings were the big question mark. Quarter after quarter, results disappointed—not just within the Nifty 50 but acro