New Delhi, April 28 -- With a myriad headwinds such as global trade war, upcoming state elections and interest rate resets, market volatility could persist in the current year. But, as global funds reallocate from China to markets like India, where growth is likely to be upwards of 6.5%, chances of a deep correction are unlikely, believes Nirmal Jain, founder, IIFL Group. Jain describes the recent bounce from a multi-month low of 21,743 as a technical recovery backed by fundamentals such as improved earnings growth and stabilising treasury yields in the US. Edited excerpts:

The escalation of global tariffs has created turbulence across markets, with US import duties at century-high levels. India's urgency to finalize a trade pact with th...