According to Devina Mehra of First Global, the biggest risk to the stock market in 2022 is rupee depreciation. While most commodity prices have eased slightly, she expects oil prices to remain range-bound for some time.

According to her, India is one of the better markets to be in right now, with capital goods, FMCG, and four-wheeler manufacturers as her top themes.

Mehra told ET NOW that rupee weakness is both a risk and an opportunity for some. She claimed that it was obvious even before the recent commodity rally or the Russia-Ukraine conflict. While the RBI has made some efforts to support the rupee, and the domestic currency has seen some moderation, Mehra believes the overall trend will continue for some time.