Outlook 2020, what's in store for Indian market: Experts discuss

The Indian market in 2019 saw double-digit gains. The Nifty and the Sensex are up anywhere between 12-15 percent. Banks outperformed, while midcaps showed quite a bit of underperformance.

However, compared to the global markets, the Nifty remained an underperformer. The Dow Jones gained 23 percent compared to a 12 percent gain on the Nifty. Compared to the emerging markets, the Nifty was a big underperformer.

But, there is a reason to remain bullish on India. In the last three months, FIIs have pumped in over $3 billion. Most of this money has chased large-caps as visible with the large-cap outperformance. But with the valuation gap between large and midcaps back to 2016 levels, is 2020 going to be the year of midcaps? Or will it still remain a narrow market for the third year running?

To discuss this issue, CNBC-TV18 spoke to Ridham Desai, head of India equity research at Morgan Stanley; Surendra Goyal, head of research at Citi India and Gautam Chhaochharia, managing director and head of India research at UBS Securities.