Aggarwal warned Tuesday that the Nifty could see a sharper slide as crude oil ticks above $100, US bond yields climb and the domestic monsoon remains weak.
The rise in crude coincides with the narrowing spread between Indian and US yields, a change that could dent foreign inflows and alter capital allocation patterns.
He remains wary of IT services, noting that the AI wave and global capability centers in India may shift demand away from traditional listed providers, adding uncertainty to revenue forecasts.
Hospital stocks, already posting 15‑20% growth, trade at 25‑30× forward EBITDA, and regulatory scrutiny could erode margins and compress valuations further.
Aggarwal urges investors to monitor post‑Diwali inflation data and capital flow trends for the next market direction, as the market may consolidate before a new move emerges.