The CNX Nifty Logo is Displayed on a Glass Facade at the NSE in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Indian Stocks Still Look Expensive, Says Mihir Vora

Indian stocks remain expensive despite a near 10 percent correction in equity benchmarks from their January peaks, according to Mihir Vora, director and chief investment officer of Max Life Insurance.

He said high valuations and rising interest rates in the developed markets, as well as in India, will keep markets volatile for some more time.

Banks have borne the brunt of the recent correction, with an index of the country's largest state-owned banks falling nearly 19 percent, the most among the 11 sector gauges compiled by the NSE.

Vohra said stocks of select lenders may start to look attractive if they are able to sort out their internal issues. "These [PSU banks] have the size and the infra to deliver supernormal returns in the next couple of years," he told BloombergQuint in an interview.