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We are all looking for places to hide in this market, says Ashwini Agarwal of Ashmore Investment

While domestic benchmark indices are currently less than seven percent away from their record highs, they had tanked close to 15 percent earlier this month from all-time highs.

New Delhi / March 29, 2022 / 10:26 AM IST

Ashwini Agarwal, co-founder and portfolio manager at Ashmore Investment Management, is focusing on preservation of capital rather than appreciating it as he believes that the current market remains difficult.

In a conversation with CNBC-TV18, Agarwal said he is looking for places to hide instead of buying as he worries not so much about the upside as he does for the downside in the current market.

Domestic investors are battling macroeconomic risks from several fronts including the geopolitical crisis in Eastern Europe, a surge in inflation, monetary policy tightening by global central banks, and incessant selling by foreign portfolio investors.

While domestic benchmark indices are currently less than seven percent away from their record highs, they had tanked close to 15 percent earlier this month from the all-time highs hit in October 2021 due to Russia's invasion of Ukraine.