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Morgan Stanley says Indian market's bull run is only getting started, here's why

Morgan Stanley sees further upside in the immediate 12 months but says the pace of gain may be slow.

June 22, 2021 / 11:35 AM IST
PG Electroplast | The company approved Rs 76.6 crore incoming investment from Baring Private Equity India, Ananta Capital and others.

PG Electroplast | The company approved Rs 76.6 crore incoming investment from Baring Private Equity India, Ananta Capital and others.

India's current bull market is mirroring the trend of the one in 2003-08 and may even have more legs, global financial firm Morgan Stanley has said in a report.

After hitting a high of above 15,900 in the previous week, the Nifty was trading around 15,600 in the afternoon, a fall of about 2 percent.

"The ongoing bull market compares well with history. If this bull market is reminiscent of that in 2003-08, as we think given a likely fresh earnings cycle, it has more legs to it," the report said.

India has outperformed emerging markets (EM) in each of the previous five bull markets with an average outperformance of 52 percent versus 23 percent for this bull market, Morgan Stanley said. It expects India to continue to outperform in the coming months as well.