Expert view, July 23 -- Dhiraj Relli, MD and CEO of HDFC Securities, believes a prolonged US-Iran conflict may lead to cuts in earnings growth estimates, but FY27 earnings growth may be better than FY26. He also expects the second half of calendar year 2026 to be better, with improved sentiment, prolonged consolidation, and reasonable valuation multiples. In an interview with Mint, Relli shares his views on the sectors he is overweight and underweight in, as well as his insights on how investors should pursue global investing. Edited excerpts:

Over the past 24 months, the Indian stock market has experienced a phase of heightened volatility, prolonged consolidation, and time-wise correction, driven by uncertainties related to the US trade...