Market is held by price agnostic retail flows, will have to wait for 3-4 years if the mood changes: Manish Chokhani

Market expert Manish Chokhani believes that the market is overall very optimistic, but it is held by "price agnostic retail flows" despite the exit of several foreign and PE investors. If the mood of the retail investors change even a bit, then markets may take another three-four years to return to similar optimism, he said while speaking to CNBC-TV18.

"As long as you are holding a stock with a time horizon of four-five years, and your return expectations are the normative 15 percent-type for this market, you will be okay," he said. "But if you are thinking what we made over the last four years can continue, you will be in for disappointment," the Enam Holdings Director added during his conversation with the business news channel.

Chokhani said India should identify the sectors that it intrinsically has a right to make. This includes Ayurveda and wellness, Indian design and fashion, and more.

The market expert added that the souring trade relations between India and US was a surprise to everyone. "In a larger context, India and US have been the two best performing markets, the two best democracies and the two best places for capitalism to thrive," he said, adding that the spat will likely be resolved. The market, which is being driven by the "price agnostic retail flows" shrugged off the tariff jitters, he said.