Mahesh Nandurkar of CLSA said meetings with investors at the CLSA Investors' Forum revealed that India has not remained as much of an overweight market today as it used to be 12-24 months ago.
Foreign flows have been weak and continued strong domestic flows have helped market performance and valuations, which he believes will continue to be the case in the visible future.
He said a process of slow normalisation post GST is now underway and should partially help the September quarter results.
Low base should help YoY performance in the subsequent three quarters, he added.
Nandurkar said the research house remained optimistic that housing-led capex recovery is around the corner.
Top picks are ICICI Bank, IndusInd Bank, SBI, L&T, Ambuja Cement and select property companies like Sobha and Godrej Properties, he said.
Among sectors, top picks are housing finance companies and metals.
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