I generally don't believe in making blanket statements that it's in a bubble territory or extremely expensive.
India is a very large market. You have probably more than 5,000 companies listed. We cover more than 500 companies in-house.
In those 500 companies, whether you can find 10 or 15 names where you can have a reasonable investment upside, I think, should not be a challenge.
Certain sectors are going through a downcycle. Enough names, sectors which are in downcycle. And what you need is only patience.
And, at some point, the cycle will come back for them. But most of the names, for me, actually are more on a bottom-up basis.
I think that is how I would like to look at it for my portfolio. Be rest assured that there are enough names, even in that universe of 500 stocks which we cover, that can have a reasonably balanced portfolio and can do well.