According to Subramaniam, market outcomes are a function of many variables and not just one.
Slowdown in NBFC disbursements could have a negative impact on growth, said Vetri Subramaniam, Group President and Head-Equity, UTI Asset Management.
"If this situation persists there will be a negative impact on growth because credit availability is going to be that much reduced for the aggregate economy," he said.
However, he said there are a lot more opportunities for patient investors who are willing to go against the tide and added that the market is offering more opportunities than what were available a year ago.
With regards to inflows into equity markets, he said the trend has been reasonably steady and the sharp selloff in market also brought in bargain flows. However, strength of flows into the market are more on the SIP side, which gives confidence that Indians are putting money into equities on a steady basis.
According to him, market outcomes are a function of many variables and not just one. He said one cannot draw one-to-one correlation between crude oil and Indian market.
With regards to earnings, the Nifty earnings have been cut by 3 percent over the course of this current earning season and the FY19 forecast has been cut by 7-7.5 percent, he said.
When asked about the theme for 2019, he said given the macro environment, growth related issues and other challenges, it would be better to be bottom-up focused. However, valuation pockets have opened up in spaces like cement, aviation etc.
When asked if elections were a key risk to the market, he said it is always impossible to forecast election outcomes but if one is a medium to long-term investor then it is best to ignore the news around politics.