New Delhi, May 13 -- Puneet Sharma, CEO and fund manager at Whitespace Alpha, believes this is a market that increasingly rewards selectivity, fundamentals, and adaptability. In an interview with Mint, Sharma said the recent exuberance in mid- and small-cap segments calls for tempered optimism. Here are edited excerpts of the interview:

India's long-term growth narrative is undiminished, but we are conscious of near-term event risks, especially geopolitical developments that could spark bouts of volatility.

Over the medium term, we remain constructive but cautious, navigating markets through a lens of relative dislocations rather than directional conviction.

While headline indices may deliver modest gains, the dispersion beneath will b...