New Delhi, July 2 -- Nitin Bhasin, the head of institutional equities at Ambit, believes the domestic market may give muted returns this year and equities may not significantly outperform bonds. In an interview with Mint, Bhasin shared his views on markets and sectors he is positive about. Here are edited excerpts of the interview:

We are in the phase of rise in stock market concentration, wherein market returns are muted and large-caps outperform mid-caps and small-caps.

This has been the case in CY25TD, wherein large-caps have outperformed mid-caps and small-caps, and we expect this to worsen going forward.

It is time to be selective as FY26 is expected to be a stock-picker's market.

Our GRIP framework (growth, risk premium, inflati...