Here's Ramesh Damani's biggest learning of being in the market for three decades

Damani added that while the market may remain volatile due to geopolitical tensions and the upcoming General Elections in India, the next 20% over the long-term is definitely higher on the index.

"I believe India is in a sweet spot compared to other emerging markets despite interest rates going higher as the economy is growing at a much faster clip than other EMs," Damani said, adding that India is used to a slightly higher interest rate regime.

While Foreign investors have remained net sellers over the last few months in Indian equities, the veteran investor expects that trend to reverse in Samvat 2080 as foreign investors may want to chase India's outperformance.

A key theme that Damani identified early was the railway stocks and stocks like Rail Vikas Nigam gained 320% from the last Samvat till date. But is all the good news in the price?

The veteran investor mentioned that every secular bull market in India has had a leader, like Cement in 1992, IT towards the end of the century and so on. "I am of the firm belief that this time, the leadership is with the Public Sector stocks," he said. Damani said that within PSUs, the focus may now shift to consultancy firms, commodity companies in the new Samvat.

"In a bull market leadership move, stocks tend to go up 20-30x from the lows and I think we are witnessing a similar move and I think they would really blast off in what we call the third phase of the bull market, which is after the elections are known to the market," Damani said.

He added that some defence and rail PSUs have reached fairly rich valuations but there are some pockets that are still available at a "fairly modest multiple and fairly good dividend yield," adding that he may want to move some money out of those themes and invest in some undiscovered PSUs.

Damani, member of the Bombay Stock Exchange also spoke about the China + 1 theme and that the withdrawal of the funds from China will find its way into other Emerging Markets and he expects India to get a large share of that.