Maneesh Dangi, founder and CEO of Mosaic Asset Management, offered one of the most cautious assessments among market veterans at the News18 Rising Bharat Summit. While acknowledging that valuations have become more reasonable, he said global interest rates, the rupee and India's earnings outlook were preventing him from turning aggressively bullish.
Dangi framed the current market correction through the lens of global bond markets. During 2014-24, when US real yields were near zero, Indian equities trading at about 20 times earnings — implying an earnings yield of 5% — looked attractive.
“Today, bond yields in the US offer two-and-a-half to 3% real yield,” he said. “Instead of 5% looking sort of reasonable, it looks super dear.”
His argument is that the rise in global real rates has raised the hurdle rate for equities worldwide, making high-valuation markets more vulnerable even when domestic growth remains decent.
Dangi also flagged currency instability as a constraint on foreign and domestic investor confidence.