Shankar Sharma, vice-chairman and joint managing director, First Global, on Monday said Indian market is lagging behind emerging market peers.

On the upcoming 2019 Lok Sabha elections, Sharma said if the Narendra Modi government comes back with a weaker majority in New Delhi, then markets may not like it, "Investors shouldn't be dismissive about general elections as they have an impact on markets."

He said Reserve Bank of India's (RBI) moves will not impact the Indian market as much as other countries, "We are not like the western countries, where a move of the Fed necessarily will have a bearing on equity markets."

Talking on non-banking finance companies (NBFCs) and autos, he said both sectors aren’t looking very robust either and for Maruti, despite the recent correction, numbers are not supporting a bullish case.

Commenting on the market, Sharma said, "This is a volatile category at the best of time and we have had many such bounces in the past. So I just hope that this is the bottom, but I cannot say for sure this is indeed the bottom. You can at best say that, okay, stocks have reached a point at which fundamentals are good or bad or fully discounted and hence we don’t see much downside. On a broad market to say small-caps are bottomed out, that would be a little foolhardy."