Expert view, Nov. 11 -- Arindam Mandal, Head of Global Equities, Marcellus Investment Managers, believes the US stock market may not be in a bubble zone; it's just a very uneven market. For the Indian stock market, he believes the worst may be behind and large-cap companies should see earnings recovery as margins improve and domestic demand steadies. In an interview with Mint, Mandal shared his views on stock markets, FII trends and the US Federal Reserve. Here are edited excerpts of the interview:

What we are seeing is a market of extremes. A few large tech and AI names continue to dominate returns, while the rest of the market looks much more reasonably priced.

If you strip out those big names, the equal-weighted S&P 500 has trailed t...