ICICI Securities warns that investors are increasingly willing to take higher risks for lower returns as the Nifty approaches record highs. The shift from abnormally low interest rates to normal levels may limit equity returns from risky assets. The brokerage firm predicts a modest 8% upside from the current levels, with SBI, Bharti Airtel, and BHEL among its top picks. Despite this risk, ICICI Securities notes that the earnings outlook has improved, citing the Q4FY23 earnings season, which saw a significantly higher number of beats and in-line results as compared to misses.