New Delhi, Dec. 9 -- India is in a better position, and 2026 appears to be an improvement over last year, according to Ashish Gupta, chief information officer (CIO), Axis Mutual Fund. "But with such heavy supply, you can't expect a runaway market," he said.

Lower initial public offering (IPO) valuations should lead to better listing outcomes, but they also pull down valuations of listed companies, Gupta highlighted.

However, he also believes that valuations aren't the main concern now, as broadly speaking, valuations matter less today than they did a year ago, although some pockets still have high expectations.

Edited excerpts:

What's the mood in the market right now?

About a year ago, expectations were high that the market would con...