Expert view, Aug. 29 -- Hemant Kanawala, senior executive vice president and head of equity at Kotak Life Insurance, sees selective value in the Indian stock market, as valuations remain full-to-rich across large parts of the market. In an interview with Mint, he expects moderate positive returns over the remainder of 2026 after the West Asia conflict normalises. In the near term, he expects the market to remain choppy and event- driven, with a weak monsoon and elevated crude oil prices as the key risks. Edited excerpts:

Yes, there's selective value. On an aggregate basis, valuations are reasonable - the Nifty trades near 19.7 times FY27E earnings, broadly its long-term average, helped by de-rating in banks and IT services.

But the pict...