Expert view, Dec. 12 -- Niharika Tripathi, Head of Products and Research for Wealthy.in, says India's debt-to-GDP ratio is elevated at around 81%, which can put limits on how much fiscal space the government has for infrastructure spending. A weaker rupee, spike in crude oil prices, and lower tax collections are also among the risks that can affect the equity market. In an interview with Mint, Tripathi shared her views on the Indian stock market outlook, key risks to the market, and sectors she is positive about, among other topics. Here are edited excerpts of the interview:

We believe Indian equities are in a late-cycle but still constructive phase: headline indices are near highs with some consolidation, while the broader macro and ear...