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Ridham Desai, Managing Director of Morgan Stanley India, suggested that the Nifty50's close on November 13 may be the lowest unless US President-elect Donald Trump announces unexpected policies.
Speaking at CNBC-TV18's Global Leadership Summit, Desai noted one significant risk to watch for is on January 21, when the new US President takes office and may announce various policies.
He expressed concern over a potential universal tariff, which may not directly harm India in a major way but could affect the global economy, potentially leading to slower growth in 2025—a factor he believes may not be fully accounted for in the market.
The Nifty 50 index has corrected over 10% from its record high level of 26,276 that it had hit in September this year.
The fifth straight day (November 13) of losses for the Nifty took the index below key levels and at one point even slipping below the 200-Day Moving Average of 23,535.
Foreign institutions have been net sellers to the tune of ₹1.1 lakh crore since the start of October in the cash markets. They have been net sellers during every single trading session in October and the onset of November so far. The relentless selling from foreign institutions has been absorbed nearly dollar-for-dollar by domestic institutions.
On FIIs selling, Samir Arora of Helios Capital said, "I think they are mostly done with it plus minus a few weeks because the question in the beginning was whether they are selling India to buy China so that relief can be there, that they were not selling India to buy China. But it appears that they were selling India or are still selling India to buy US or go back to US because all the things that we have been asking here are being done there first, which is lower taxes, cut regulations, even at least keep corporate taxes in check and all that. But this trade has already made whoever was in time maybe 25%."
Speaking at CNBC-TV18's Global Leadership Summit, Desai noted one significant risk to watch for is on January 21, when the new US President takes office and may announce various policies.
He expressed concern over a potential universal tariff, which may not directly harm India in a major way but could affect the global economy, potentially leading to slower growth in 2025—a factor he believes may not be fully accounted for in the market.
The Nifty 50 index has corrected over 10% from its record high level of 26,276 that it had hit in September this year.
The fifth straight day (November 13) of losses for the Nifty took the index below key levels and at one point even slipping below the 200-Day Moving Average of 23,535.
Foreign institutions have been net sellers to the tune of ₹1.1 lakh crore since the start of October in the cash markets. They have been net sellers during every single trading session in October and the onset of November so far. The relentless selling from foreign institutions has been absorbed nearly dollar-for-dollar by domestic institutions.
On FIIs selling, Samir Arora of Helios Capital said, "I think they are mostly done with it plus minus a few weeks because the question in the beginning was whether they are selling India to buy China so that relief can be there, that they were not selling India to buy China. But it appears that they were selling India or are still selling India to buy US or go back to US because all the things that we have been asking here are being done there first, which is lower taxes, cut regulations, even at least keep corporate taxes in check and all that. But this trade has already made whoever was in time maybe 25%."
First Published: Nov 14, 2024 3:45 PM IST
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