Never had a situation where economy does well, and its leading financial institutions don't do well: Shiv Puri

He expressed optimism about the Indian market in 2024, highlighting two key factors contributing to the positive outlook.

According to Puri, one significant change in recent years has been the rise in global interest rates and the decline, even turning negative, of Foreign Institutional Investor (FII) capital into emerging markets, including India. However, he believes that there are early signs of global inflation stabilizing. Positive indicators on the inflation front could lead to a peak in interest rates, potentially attracting foreign capital into risk assets, with India being a potential beneficiary.

Puri also pointed to the upcoming national election in 2024 and the stability demonstrated in recent state elections. The perceived political stability has provided a sense of comfort to investors, further fueling optimism in the market.

"The market is sensing a positive shift due to these two major factors," Puri stated, adding that there is a growing anticipation that 2024 might witness significant foreign capital inflows into certain emerging markets, with India being well-positioned.

When discussing the Indian market's behavior, Puri noted that it tends to experience sharp movements followed by time correction. He suggested that the current scenario could follow a similar pattern.