New Delhi, July 7 -- A range-bound market may test investors' patience, but wealth managers say it is far from a dead end for investment opportunities. Money managers say high-net-worth individuals (HNIs) are growing more mature: instead of reacting to every swing or rushing to cash, they're staying invested and getting selective about new deployments.

HNIs are typically defined (outside IPOs) as individuals with Rs.5-50 crore in investable assets, excluding their primary residence. Those with over Rs.25-50 crore are generally classified as ultra HNIs (UHNIs).

Feroze Azeez, joint chief executive of Anand Rathi Wealth Ltd, said HNIs are using market corrections to gradually accumulate quality businesses and increase long-term allocations...