Renaissance Investment Managers CIO Pankaj Murarka expects Indian markets to deliver low-teens returns as growth resets and valuations peak. He sees earnings improving in CY26, prefers cash-flow-rich sectors, and remains bullish on IT amid AI-driven demand. Murarka warns of froth in midcaps, defence and EMS, urges caution on IndiGo for now, and remains selective on pricey consumer-tech IPOs.

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