New Delhi, Oct. 5 -- While the Nifty 50 is trading slightly below its 10-year average valuation, its composition still reflects the India of the past, with significant weightage to sectors such as IT services, consumer staples, oil & gas, and banking, said Sunil Singhania, chairman and managing director at Abakkus Asset Manager Pvt. Ltd. So, the index can deliver decent returns, broadly in line with India's normal gross domestic product (GDP) growth, but may struggle to generate very high growth, he added.

On the contrary, mid-caps and small-caps will represent India's future, so growth will be higher, he added.

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