India's gain in global market cap share is going to be quite rapid, said Motilal Oswal Financial Services' chairman and co-founder Raamdeo Agrawal in an interview with CNBC-TV18.
"Today India is about three-and-a-half percent of the world in terms of market cap. We have about a $100 trillion global market cap...I think India's gain in market cap share is going to be quite rapid," he said.
Agrawal spoke on the sidelines of the Motilal Oswal 18th Annual Global Investor Conference on September 20.
While Agrawal remains bullish on IT stocks, he said tech stocks are likely to be highly impacted as investors may still get to see some more market correction in the near term amid the ongoing recession fears globally.
"Maybe some more corrections are ahead because this fear of recession is becoming louder, and at some point of time, maybe actual recession will come," he explained. "And at that point of time, I think psychologically, IT companies will be impacted most because the tech companies in the US will have the largest impact."
The chairman, however, remains optimistic about Indian markets and believes foreign institutional investors will likely build a portion of their portfolio in India as earnings momentum (of Indian companies) is maintained.
Talking about the cement space, Agarwal is of the view that cement stocks have been the talk of the town after Gautam Adani, chairperson of Adani Group, completed the acquisition of Ambuja Cements and ACC.
"I think the biggest change, which has happened in the last few months, is the entry of Adani. And they have ambitious plans about it, they would be having a better understanding of the kind of demand profile which is going to build up in the economy," he said.
Earlier this month, Adani group announced the completion of the acquisition of Ambuja Cements and ACC for a total consideration of $6.5 billion which includes the buyout of Swiss major Holcim's state in the two firms and subsequent open offers to minority shareholders.
Also read: Cement venture shows our 'unshakeable' faith in India growth story: Adani
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
