Ganeshram Jayaram predicts that India's exports, particularly the IT sector, will be impacted by narrow interest rate differentials between India and the US, leading to lesser capital flows. This shift will also put pressure on deposit growth and keep interest rates higher. Jayaram advises clients to be cautious with growth expectations and recommends a tilt toward quality names. The Nifty is expected to show flattish returns, while sectors such as cement and industrials may offer margin of safety.