Largecaps fairly valued, but mid & smallcaps still need correction: Shreyash Devalkar

Axis MF’s Shreyash Devalkar suggests largecaps are fairly priced, while mid and smallcaps, despite growth potential, need further valuation correction. He notes earning downgrades are following stock price falls, with FY26 downgrades largely priced in. Devalkar favors financial services and pharmaceuticals, reducing exposure to export-oriented and industrial names, emphasizing a stock-picker market driven by risk-reward frameworks.

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