At CNBC TV18's Indian Business Leader Awards (IBLA) 2024, veteran investor Ramesh Damani shared an optimistic outlook on Indian markets, predicting the current correction is nearly over and new highs are imminent, possibly by the New Year. He described the post-March correction as a temporary phase caused by consumer slowdowns and seasonal trends but emphasized improved growth prospects and market breadth as key recovery drivers.
“If you look at the quality of the advance and the new highs made, it suggests the post-March correction is just a temporary blip. The market is roaring back with breadth and quality. I feel we’ll test the old highs, maybe as soon as the New Year,” Damani said.
Damani highlighted the importance of staying invested in high-quality Indian businesses despite market volatility, noting India's long-term growth trajectory. Sectors like pharmaceuticals, technology, and cement were identified as pivotal to the market rebound, with the rising number of lifetime high stocks signaling broader market strength.
“The bet in India is always to remain invested through volatility. When I started, the index was below 1,000; today, it's close to 80,000. The best approach is to remain invested in high-quality Indian businesses,” he stated.
On cryptocurrency, Damani dismissed Bitcoin as speculative and lacking intrinsic value, aligning with Warren Buffett’s view. However, he cautioned against potential global uncertainties, including protectionism and tariff changes under shifting international dynamics.
Concluding on a bullish note, Damani called Indian markets a “virtual buffet” of opportunities, urging investors to capitalize on the diverse investment options available.
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