Despite the recent correction in stock markets, Nikhil Kamath, Co-founder, True Beacon and Zerodha feels valuations are still on the expensive side for domestic markets. Kamath believes it will be wise for investors to turn defensive at this juncture keeping in mind the rising inflation, rate hike cycle, and geopolitical worries. With the fear of covid-19 abating, the co-founder of Zerodha expects the opening up trade to last long, favouring the hospitality and entertainment sector.