"The background is pretty similar to 2003-2007," said Ayaz Motiwala of QRC Investment Advisors and Nivalis Partners.

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"Knowing the outcome that lots of money was made towards the 2007-2008 end, I would want to hope that this is that phase. However, we as market participants would want to look at patterns at all points of time even when sometimes they don’t exist. It is reasonable to be premised on that hope. The background is pretty similar," he said.

He believes as the economic recovery across any country or market takes place, it is typically more broad-based. “Thus there is much more breadth in the economy and there is more economic activity and more companies participate,” he stated.

In terms of chemical stocks, he said, “It seems to be getting quite euphoric in terms of valuations that have been accorded by the market for some of these businesses. These are not consumer-type businesses that are secular in nature, these are typically B2B businesses, which are benefiting out of the particular opportunity. There will be growth ahead and that needs to be taken in a measured fashion against a potential correction in valuation levels.”

On big themes, he mentioned, “We are looking for sustained quality businesses. The market has clearly opened up, there are more opportunities to look at. There have been a bunch of listings across consumer companies, couple of nice high-quality pharmaceutical companies. So markets are keeping us busy.”

According to him, gaming is a very interesting space.

“There is a lot of private investments, which goes in and companies come in at a much later stage of their evolution in their business model or their size. That is restricting a large growth in share prices,” he mentioned.

For full interview, watch the video.

(Edited by : Priyanka Rathi)