homemarket NewsChances of the BJP not coming back to power in 2024 are low, says market veteran Raamdeo Agrawal
Chances of the BJP not coming back to power in 2024 are low, says market veteran Raamdeo Agrawal
Discussing Indian equities in the context of Samvat 2080, Raamdeo Agrawal, Chairman and Co-Founder of Motilal Oswal Financial Services said the market will likely rally going into the general elections as the probability of the ruling Bharatiya Janata Party (BJP) not coming back to power is low.
The stock market may rally going into the Lok Sabha polls in the hope that the ruling Bharatiya Janata Party (BJP) will remain in power, Raamdeo Agrawal of Motilal Oswal told CNBC-TV18.
Agrawal shared a positive view on the BJP's chances in the 2024 elections, suggesting that the "likelihood of the BJP not retaining power seems low."
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Talking about equity markets in general, the Chairman and Co-Founder of Motilal Oswal Financial Services, said “the era of zero interest rates” is over, and that it was too early to say that US interest rates have peaked.
The turn in the rate cycle brought about to combat inflation has impacted the valuations of companies and growth companies that enjoyed high price-to-earnings (PE) ratios have corrected, Agrawal said.
Manish Chokhani, the CEO of ENAM Securities, who also participated in the discussion with Agrawal, in the context of Samvat 2080, noted that there will be a lot of disruption in the currency markets, sparked by the recent bond market rout.
Also Read | Samvat 2080: Veteran investor Vijay Kedia says era of easy money may be a thing of the past
Chokhani still sees India receiving $100 billion of foreign capital annually in the form of foreign direct investment (FDI) and equity and debt investments.
India is showing encouraging indicators for attracting greenfield investments, particularly with China recording its first quarterly foreign direct investment (FDI) deficit. The United Nations Conference on Trade and Development (UNCTAD) has listed India as one of the top three countries in terms of announced greenfield FDI, per an Economic Times report.
(Edited by : Shweta Mungre)
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