'Long-term capital gains tax relief will be a game-changer for the markets'

The second half of 2022 will be the time for investors to seriously churn their portfolio, SANDEEP BHARDWAJ, chief executive officer for retail at IIFL Securities tells Puneet Wadhwa in an interview. Edited excerpts:

Will the second half of the calendar year 2022 be as painful as the first for the markets?

We remain cautiously optimistic about the capital markets in the second half of 2022. Capital markets are about asset allocation, so there will be cycles. Currently, the equity markets are up against headwinds like central bank hawkishness, commodity inflation, likely global slowdown and supply chain constraints, etc. Higher rates always create challenges in the short-run.