India Unlimited: Nifty To Hit 50,000 This Decade, Says Raamdeo Agrawal
For the equity market, the next five years are going to be 'Amrit kaal', said Madhusudan Kela.
Indian markets will outperform all expectations as the Nifty 50 will scale the 50,000 mark in this decade, according to market veterans.
"We have grown at about 12–14% in the last 40 years, and even taking the lower level of 12%, Nifty will scale past the 50,000 mark by 2031," said Raamdeo Agrawal, co-founder of Motilal Oswal Financial Service Ltd., at a panel discussion during the launch of NDTV Profit.
For the equity market, the next five years are going to be 'Amrit Kaal', according to Madhusudan Kela, managing director of MK Ventures Capital Ltd.
Several factors falling into place for India to aid Kela's bullish outlook. "A very stable and progressive government, a very good mandate from the state elections, and most importantly, the interest among foreigners all point towards a very bright future."
Indian benchmark indices rose for six straight weeks, logging the best weekly gains in nearly three years. The NSE Nifty 50 ended at a record high after hitting the 21,000 mark for the first time on Friday. The BSE Sensex also touched a fresh high and ended at a record high. India's market capitalisation topped $4 trillion (about Rs 334.72 lakh crore).
The morale of all the entrepreneurs is very high despite day-to-day challenges, Agrawal noted.
According to Nilesh Shah, group president and managing director, Kotak Mahindra Asset Management Co., "There is a shift in China plus one happening, but unlike in the past, we must capture the opportunity."
The talent is staying in India instead of going abroad, and the next Fortune 500 companies will be made in India, Shah said. Strong leadership is also a factor that has aided in creating strong wealth creation in the last ten years, said Kela.
