Bajaj Allianz Life Insurance's Sampath Reddy, prefers value-oriented stocks over growth and expects the market valuation to peak between 19 to 20 times PE in the coming year. Although the market valuations are slightly high, the Indian macro economy is performing well in terms of GDP growth and benign inflation, driving higher valuations. Reddy notes the shift from growth to value-oriented, higher-interest rate-sensitive utility sectors and believes it will continue.