Consider 2023 as a year to invest for long term, says Sankaran Naren

Markets have entered 2023-24 (FY24) on a cautious note. Sankaran Naren, executive director and chief investment officer at ICICI Prudential Asset Management Company, in conversation with Puneet Wadhwa, says that leadership — in case markets rally from here on out — will emerge from areas outside retailing and consumer staples, as these pockets continue to remain expensive in terms of valuations. Edited excerpts:

Are markets — global and domestic — yet again in a March 2022-like situation where they see a sharp correction and give investors a one-time opportunity to buy for the long term?

By and large, the Indian equity