Piper Serica’s Abhay Agarwal says India’s next market rally will be powered by high-growth sectors like pharma and autos, while low-growth FMCG and IT remain unattractive despite cheaper valuations. He expects a strong earnings revival next year but believes FPI inflows will return only after a US market correction. Small and midcaps will drive most of India’s next $5 trillion market-cap expansion.