From earnings point of view, what is more important to know is that whether utilisation levels are going to pick up, says Jaipuria.

While markets are breathing easy as China concerns begin to subside, Jaipuria says China slowdown is likely to be a multi-year story.

"They have thrown money with the hope that somewhere things will work out and essentially it kicks the can down the road."

"We think 2015 will be a much tougher year than last year — there will be more volatility, there will be bouts of correction."

The aggregate data shows that emerging market funds are on an average overweight on India by 400 bps, says Jyotivardhan Jaipuria.

'Most of the global strategists thought there will be a dollar strength coming through, which can play out for the first half of the year, ...

We track Gem Holdings and Ownership, and they have been overweight on India month after month for the past three years.

"India is also down year to date because all EMs are down and for a lot of investors, EMs are not exactly the place to be in this now," Jai...

We think the NPL fear is still there for the next few quarters and that is the reason we are avoiding the public sector, says Jaipuria.

The auto space looks good, but the hope is more on the point that the bottom of the cycle is in sight and the future looks better, says Jai...

'No politician can afford to have a prolonged shutdown of the US,' says Jyotivardhan Jaipuria,

"There will be a cap on the market as earnings and GDP growth will not be very exciting over the next six-nine months."

It is now very well publicised that the FM said that for this year he will do a 5.3% fiscal deficit.

Luckily for us we had moved a bit away from defensives earlier. Earlier we were overweight on some defensives: Jyotivardhan Jaipuria, BofAM...

Our overall sector view has been neutral, but we have liked a couple of stocks which have done relatively better in the earnings season thi...

Jyotivardhan Jaipuria, HoR, BofAML Capital says that pharma sector looks interesting because it has growth and it is relatively insulated.

In an interview with ET Now, Jyotivardhan Jaipuria, HOR, BofA-ML Capital (India), talks about the market. Excerpts: