New Delhi, June 2 -- The Indian market is entering a phase of subdued returns over the medium term as it will be tougher to generate alpha or excess returns over an underlying benchmark, according to Anand Shah of ICICI Prudential Asset Management Co.

"I think the biggest event (ahead) will be the end of the 90-day tariff pause- that remains the key event," said Shah, chief investment officer-portfolio management services and alternative investment funds atIndia's second-largest asset manager.

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