Risks in global markets high, rising yields pressuring valuations: First Global’s Devina Mehra

Devina Mehra, Chairperson of First Global, on Monday said risks in global markets are high and rising yields are putting pressure on valuations.

"In general, in global markets, risks are high. We are more conservatively positioned, we have portfolio insurance to some extent of our portfolios both in India and globally. Of course, India is not looking anywhere near the worst of the lot because there is also a general move towards Asian and emerging markets. So, that is the tailwind for India. But what is important is where you are positioned within India."

“However, one negative is that as yields go up, that puts a pressure on P/E because the inverse of P/E is the earnings yield which has to benchmarked against the bond yields,” she said in an interview to CNBC-TV18.