'Markets entering Budget period on softer footing'

Indian stock markets started the year nervously, navigating global uncertainties.

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Rishi Kohli, chief investment officer of Jio BlackRock AMC, tells Puneet Wadhwa in an interview in New Delhia “significant representation” has been made to the government about the securities transaction tax cut and markets are closely watching. Edited excerpts:

Is there a risk of disappointment for markets over the next three to six months?

Over the past few months, my view has been that markets will maintain a slightly positive bias, though with volatility. The key risks are largely global in nature, particularly geopolitical developments. That said, most of these risks appear to be well priced in by now.

One important factor has been earnings growth back home, which has disappointed for nearly five consecutive quarters — from the last quarter of 2024 to the previous quarter (of FY26). Based on available data, December and March quarters were expected to show marginal improvements.