Kotak Institutional Equities CEO Pratik Gupta said global bond yields, US policy uncertainty and continued FII selling are key risks for Indian markets. He said the IPO pipeline remains strong despite lower valuations and limited foreign interest. Gupta expects low fiscal stimulus in Budget 2026, with focus on reforms and steps to support the rupee and capital inflows. He advised investors to stay cautious, noting large caps are near fair value while mid and small caps may see further downside.
