Why 360 ONE's Anup Maheshwari is turning more positive on equities

What happened

Anup Maheshwari of 360 ONE Asset, which manages over $1.3 billion, said Indian equities are near the lower end of their trading range. He said valuations are about 10% below their long-term average, oil prices and interest rates remain risks, and the domestic backdrop has improved.

Confirmed

Global impact / market context

When valuations sit below their long-term average, investors are paying less for each unit of company earnings, which can raise future returns if profits grow. Maheshwari's improved view could encourage fund managers to add money to Indian shares rather than hold back.

Analyst inference

Higher oil prices raise costs for transport and manufacturing companies, while higher interest rates make borrowed money dearer, both squeezing profits. A stable currency and adequate cash available in the system, plus stronger credit demand, support company revenue and investment plans, offsetting some of that pressure.

Analyst inference

What to watch

1. Watch whether April-June 2026 earnings upgrades continue, because Maheshwari cites them as a reason the domestic backdrop improved and profits are rising. Confirmed
2. Watch whether oil prices and interest rates ease, since Maheshwari names them as the biggest risks that could keep the market stuck in its current trading range. Proposed
3. Watch whether stronger credit demand turns into higher capital spending by companies, which would lift future revenue and support the case for buying equities at current valuations. Analyst inference

Evidence

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