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We’re pleased to share the latest edition of our monthly publication, D‑Kode, a report designed to decode markets and deliver meaningful insights.

What’s inside this month’s edition?

📌 Indian Equity Market: Valuation and Views

​Indian equity valuations are mixed, with large caps at comfortable levels while mid and small caps remain relatively expensive. Despite the Nifty trading near higher valuation levels, sectors like banking offer reasonable valuations, supporting a constructive preference for large caps.

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SEBI Registered Name: Kotak Mahindra Mutual Fund | SEBI Registered Number: MF/038/98/1

Source: *Bloomberg, ICRA MFI | Data as on 30 April 2026 | The Index names mentioned do not constitute any kind of recommendation and are for information purposes only | The performance of the index shown does not in any manner indicate the performance of the Scheme.

The information contained in this document has been compiled from publicly available sources and KMAMC’s internal research. It includes certain forward‑looking statements and opinions, reflected through words such as “will”, “believe”, “expect” and similar expressions, which are subject to risks and uncertainties. Actual outcomes may differ materially from those expressed or implied due to various factors, including market risks, global and domestic economic and political conditions, monetary and interest rate policies, inflation or deflation, volatility in interest rates, foreign exchange movements, equity markets, and other financial variables.

Mutual fund investments are subject to market risks, read all scheme related documents carefully.

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