Invesco Mutual Fund CIO Taher Badshah does not see much of an upside for the Nifty 50 index. "I'd still like to think that we will probably at least, if you were to look at headline indices like the Nifty etc, you might probably not see large upgrades coming around as yet," he told CNBC-TV18.

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In over the past month, the benchmark indice has scaled to all-time highs from its March-20 low of 16,828. On June 28, it crossed the 19,000 mark for the first time, it touched its all-time high of 19,991.85 last month, and since then has been attempting to touch the 20,000 milestone.

Badshah is of the view that it (the indice) will probably take some time to do so. "And it's probably going to be some time that some of the large sectors like tech and banks, where it is very difficult to probably significantly upgrade numbers at this stage. So I don't really think that will probably be coming," he said.

He added that at this stage, he is not sure if it is even required. Badshah believes that at 19x, the valuations are not very heavy for the market. "We had 19 odd times it's not a very heavy market in terms of valuations being very demanding at this stage, especially if you're looking at recovery being a reasonably more broad-based as we go along," he said.

And even though the headline numbers may not got up, but the undercurrent is "pretty fine".

"When you look at sectors from companies from a broader basis, across different kinds of sectors, we've seen decent amount of performance, for example, NBFCs have done well, we've seen somewhat of a patchy performance as far as tech is concerned," says Badshah.

But, by and large, banks, NBFCs have done pretty well. Some of the industrials obviously are doing well. Probably, they've run up too fast. So maybe markets are finding it challenging to walk them further. But in terms of the business performance, I don't really think that's been a challenge," he said.

And consumption, which has been a drag, Badshah sees it joining the fray as well.

Even with the pharma sector, he said a few strands of triggers are coming through. "After a decent amount of time, we've seen pricing erosion, finally kind of bottoming out, if not getting significantly better. So that's a good sign. We've seen some evidence of that either in the form of bankruptcies in the US in the trade and distribution segment or some supply tightness as well, as far as that part of the market is concerned," he said.

He added that this is a sector that will probably have legs and "it will probably run a little more than what we have already seen up until now."

(Edited by : C H Unnikrishnan)