Kotak AMC's Harsha Upadhyaya Advises Caution: Avoid Small-Caps Amid Stretched Valuations
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CNBC TV18•23-01-2026, 12:34
Kotak AMC's Harsha Upadhyaya Advises Caution: Avoid Small-Caps Amid Stretched Valuations
- •Harsha Upadhyaya of Kotak AMC recommends investors favor large- and mid-cap stocks over small-caps due to stretched valuations.
- •Small-cap valuations are 40-45% above long-term averages, with weak and disappointing earnings performance.
- •Large-cap valuations are closer to historical norms after consolidation, offering a safer investment.
- •Kotak AMC remains underweight on real estate, advising caution despite recent corrections, as the upcycle is past its halfway mark.
- •Upadhyaya suggests staggered investments in precious metals like gold and silver for the long term, avoiding chasing recent price surges.
Why It Matters: Kotak AMC advises investors to prioritize large- and mid-cap stocks, avoid small-caps, and be cautious in real estate.
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