Indian mkts may underperform in next two qtrs: Rishi Kohli

USPresident Donald Trump's tariffs on pharma dented market sentiment back home. Rishi Kohli, chief investment officer, Jio BlackRock AMC, tells Puneet Wadhwa in New Delhi that he expects around 8-10 per cent earnings growth next year, though sector and stock selection will determine the real winners. Edited excerpts:

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What's your view on the latest development on pharma tariffs? Do you think markets in India, and globally, are becoming more immune to sudden tariff changes?

Yes, definitely. The uncertainty is very high given President Trump's unpredictable moves. That volatility extends beyond tariffs to his general policy mood swings. Right now, India seems to be in the crosshairs, and there's always a threat that (pharma) generics could be targeted, which would have a much larger impact. The market is getting used to this uncertainty, but the overhang will remain in the near-term. In the long run, economics should help stabilise things.

Over the past year, Indian markets have underperformed global peers. With issues like pharma tariffs and H-1B visas, will this underperformance continue?