Mehra told CNBC-TV18, "We don't think that the fundamentals are that great relative to the valuations simply because we are not very positive on oil. Reliance now is fairly correlated to the oil cycle on the positive side. Hence, we are not very positive on anything like Reliance, Cairn, etc. because of our view on oil."
She further added, "If you look at the largecap universe, there are a whole lot of companies where we think that the valuations are not justified at much higher levels, whether it is the telecom companies, banks, Reliance, or power utilities like NTPC. So those would act as weights on the largecap side."
