Porinju Veliyath, MD & Portfolio Manager at Equity Intelligence India is of the view that Indian markets may hit a new high in the next few days and that we are in the middle of a “fabulous bull run”. “Talking about the new high in the Indian market, I don’t think it is a very big thing. It may actually be a few days away,” Porinju Veliyath told CNBC-TV 18.
According Veliyath, “The market is in a very bullish mood at this point of time and not only at this point of time…with all the fundamental and technical factors for Indian markets the outlook is very good.” “So, I am looking at when Nifty can to 10,000 plus, when it can start quoting at 5 digits. I think we are in a very fabulous bull market,” he told the channel.
Veliyath’s confidence stems from his optimism about Indian companies’ earnings prospects. “Our companies’ earnings potential and fundamentals are not that closely related to the global events. I have some kind of clarity when I look at Indian equities and Indian economy. There is some clarity going forward, if you see in the next 2, 3 and 5 years time. So that clarity and visibility of earnings is what is taking the valuations to high levels,” he said.
Watch: We are currently in a fabulous bull market, says Porinju Veliyath
Veliyath is not alone in his bullish outlook for the Indian markets. Ace investor Rakesh Jhunjhunwala last month said that India is “undoubtedly” in the first phase of a bull market. “Earnings are going to grow in India. Bull markets start with low participation, but end with humongous participation,” Jhunjhunwala had said. Edelweiss Securities’ Vikas Khemani has said that Sensex could touch 75,000 in the next 5 years on the back of favourable domestic factors. “Stock markets are in a structural bull cycle for the next 3-5 years. We will see well-balanced growth in India,” he told ET Now.