‘Diwali 2023: Market outlook positive for Samvat 2080; several midcaps, smallcaps available at reasonable prices’

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Rahul Jain, President and Head of Nuvama Wealth is positive about the Indian market for the Samvat 2080 even though he thinks there may be some volatility due to domestic and global factors. In an interview with Mint, Jain said sectors such as renewables, capital goods, defence, electricity, power-associated sectors, and infrastructure may do well in Samvat 2080. Edited excerpts: In the period post-Diwali, the markets faced a sluggish period for a few months followed by a noteworthy correction.

In the past six months, a multitude of stocks have doubled in value. Given this recent history, I wouldn't be surprised if the market mirrors such behaviour once more. The resilience and rebound following Diwali hinted at a potentially recurring trend in the market.

Also Read: Diwali 2023: Nifty 50 may see healthy gains in Samvat 2080. Which sectors should you bet on? The outlook about markets is positive, but there will be volatility due to numerous events in India, such as state and General Elections. Globally, the United States is also dealing with debt and bond yield difficulties.

A few sectors that are likely to do well include renewables, capital goods, defence, electricity, power-associated sectors, and infrastructure. Further, several small and mid-cap stocks are earning well and are available at reasonable prices. Also Read: Diwali 2023: Can Nifty 50 hit 25,000, Sensex touch 75,000 in Samvat 2080? Here's what experts say (Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) For retail investors, investing in equity markets through mutual funds is the most simple and effective way of creating wealth.