Expert view, Jan. 30 -- Dharmesh Kakkad, Senior Fund Manager, ICICI Prudential AMC, said that FII selling has made Indian stock market valuations reasonable, though they are not yet cheap. Amid the current market environment, the fund manager suggested adopting an investing style that focuses on quality stocks as they generally perform well during heightened volatility. Edited excerpts:

On the earnings side, we are of the view that the earnings downgrade cycle is likely coming to an end. With meaningful monetary easing from the RBI and fiscal support from the government, the broader macro environment appears supportive for a recovery in growth, which should eventually translate into an earnings revival as well.

From a valuation perspect...