Prakash, MD and CEO of SBICAP Securities, believes the market is moving away from rallies supported by abundant liquidity. Investors will need to assess individual businesses more closely, rather than assume that a rising sector will lift every company within it.

He sees long-term opportunities in companies capable of sustaining annual earnings growth of 15%–20%. His preferred areas include banks, NBFCs, wealth management, defence, pharma, auto and power. Within these sectors, he emphasises financial strength and an edge over competitors, giving earnings time to compound.

Indian equities remain central to his suggested long-term investment mix. He also recommends putting 5%–10% into gold and adding overseas exposure to spread risk. For newcomers considering international investing, he favours mutual funds before direct purchases of foreign shares.

Prakash says disciplined domestic investors are helping offset selling by foreign institutional investors. He expects monthly systematic investment plan, or SIP, inflows could double over five to six years as households shift more savings away from physical holdings and towards financial investments. This is his outlook, not an assured outcome.

Across large, medium and small companies, his preference is for growth without excessive prices. He urges investors to stay invested through market swings rather than guess turning points. Upcoming quarterly results, he believes, will help determine which shares drive the market's next advance.