Foreign investor selling has sparked debate over whether long-term capital gains (LTCG) tax and domestic mutual fund SIPs are contributing to FII outflows. However, global factors, AI-driven investment opportunities and market valuations also influence foreign investment decisions. Mihir Vora, CIO, TRUST Mutual Fund, explains why taxes are only one part of the broader picture and why India's long-term growth prospects remain important for investors. He also discusses the potential benefits of simplifying KYC requirements, reducing tax friction and improving the ease of doing business for foreign investors. With India expected to remain a major growth economy, can structural investment flows continue despite near-term selling pressure?
Indian markets have faced a challenging year, with geopolitical tensions, trade deal uncertainty, persistent foreign investor selling and currency pressure weighing on sentiment. However, resilience in corporate earnings, stable margins and sustained domestic demand offer reasons for optimism. Mihir Vora, CIO, TRUST Mutual Fund, discusses how India has navigated global headwinds, highlighting the role of the government and RBI in managing interest rates, liquidity and currency stability. Despite the challenges investors have faced since last Diwali, market corrections in prices and valuations could create opportunities as global conditions normalise. With several external risks beyond India's control, could Dalal Street be heading towards a stronger performance by next Diwali?
In this Diwali special, Trust Mutual Fund CIO Mihir Vora analyzes India’s market outlook after a difficult year for equities. He discusses whether the worst may be behind the Nifty, why foreign investor sentiment has weakened, and how domestic SIP flows are supporting the market. Vora also shares his views on Indian valuations, the rupee, global bond yields, AI-related stocks, and the sectors he sees as offering potential growth. Key themes include banks, telecom, premium consumption, auto ancillaries, capital goods, precision engineering, defense, renewables, and energy infrastructure. The conversation explores the China-plus-one opportunity, rising power demand, and why mid- and small-cap companies could remain attractive to bottom-up investors. Vora cautions that foreign portfolio flows and global risks remain important, while emphasizing that India’s long-term growth story continues to draw interest. This interview is for market context and analysis, not personalized investment advice.
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As investors look for opportunities this Diwali, the focus is on identifying stocks with attractive valuations and strong growth potential. Rahul Arora, CEO, Ashika Institutional Equities, shares his preferred stock ideas across banking, consumer staples, hotels, wires and cables, metal recycling and defence. He highlights major banks such as ICICI Bank, SBI, HDFC Bank, Axis Bank and Kotak Mahindra Bank, along with opportunities in Tata Consumer Products, Hotel Leela, EIH, Polycab, KEI Industries, Gravita and Hindustan Aeronautics. The discussion explores valuations, growth prospects and the importance of patience while identifying investment opportunities in the Indian equity market for Samvat 2083.
India’s auto sector is entering a consolidation phase, with mixed demand across passenger vehicles, two-wheelers and commercial vehicles. While electric vehicle growth is creating opportunities, rising input costs could squeeze industry margins. Dharmesh Kant, Head of Equity Research, Chola Securities, shares his outlook on the auto sector and identifies stocks that investors can track. He highlights Tata Motors Commercial Vehicles for its strong volume growth and attractive valuations, Mahindra & Mahindra for its EV and farm equipment opportunities, and Hero MotoCorp as a preferred two-wheeler pick. The discussion explores auto sector trends, alternative energy solutions and potential investment opportunities over the next six months.
Is India really an anti-AI investment destination? Ajay Srivastava, MD, Dimensions Corporate Finance Services, dismisses this narrative as misleading and argues that India has much to gain from artificial intelligence. He says AI can help Indian banks and businesses reduce production costs, improve productivity, cut inefficiencies and reduce waste. While India may not own the world's leading AI companies, Srivastava believes that does not make the country anti-AI. Instead, he sees AI adoption as an opportunity to strengthen India's economic competitiveness and modernise businesses. He urges India to embrace AI rather than be defined by market narratives.
Rising crude oil prices pose fresh risks to India's inflation, economic growth and corporate profitability. Ajay Srivastava, MD, Dimensions Corporate Finance Services, says India needs to look beyond stock market valuations and corporate earnings to strengthen its investment appeal. He highlights the importance of policy stability, cleaner cities, better air quality, public safety and stronger social infrastructure in attracting foreign investors. He also questions whether official inflation figures reflect the rising cost of everyday essentials and calls for a broader focus on living standards. His message: sustainable investment requires not just economic growth, but a better quality of life.
What is the biggest risk facing investors in Samvat 2083? Ajay Srivastava, MD, Dimensions Corporate Finance Services, identifies unpredictable government policy changes as a bigger concern than crude oil prices, rupee depreciation, AI disruption or foreign investor flows. He explains that investors can hedge market, currency, interest rate and commodity risks, but sudden regulatory changes can catch businesses and investors off guard. Changes affecting F&O trading, hospitals, sugar and ethanol companies can trigger sharp market reactions. Emphasising the importance of policy stability, he says predictable regulations would help businesses and investors plan better and manage risks more effectively.
Where should investors put their money in Samvat 2083? Ajay Srivastava, MD, Dimensions Corporate Finance Services, shares his market outlook, identifying mid-tier banks and hotel stocks as his preferred sectors. He advises investors to focus on valuations and avoid stocks trading at excessive price-to-earnings (P/E) multiples, regardless of the sector. Emphasising capital protection over chasing maximum returns, he explains why even strong companies can deliver disappointing returns when bought at expensive valuations. As investors plan their strategy for the year ahead, the key message is to prioritise value, exercise discipline and protect capital amid market uncertainty.
Should the government cut LTCG tax or STT to support investors? Ajay Srivastava, MD, Dimensions Corporate Finance Services, explains why making profits should be the priority for Indian investors amid market volatility. He says the current 12.5% long-term capital gains tax is not his primary concern, arguing that investors need to generate returns before worrying about taxes. The discussion examines whether tax relief is necessary and how stock market taxation affects retail investors and financial institutions. The key takeaway is that improving investment returns matters more than reducing taxes on profits that investors have yet to make.
Private banks are emerging as the preferred choice amid concerns over farm credit risks, possible loan waivers and changing interest rates. Sameer Dalal, President, Natverlal & Sons Stockbrokers, explains why private lenders may have an edge over public sector banks, particularly if agricultural stress leads to higher provisions. He also highlights potential opportunities in turnaround stories such as IndusInd Bank and HDFC Bank, alongside growth-focused lenders like IDFC First Bank and Federal Bank. While ICICI Bank and Axis Bank remain options for investors, Dalal believes valuations and future growth prospects will determine which banking stocks can outperform the broader market.
Tata Communications is planning a $400–450 million AI expansion, including 10,000 kilometres of new fibre infrastructure to connect India’s AI data centre corridors. The project aims to link cloud service providers, global capability centres, banks and data centre clusters across key regions. However, will this massive capital expenditure translate into sustainable returns for shareholders? Sameer Dalal, President, Natverlal & Sons Stockbrokers, cautions that heavy upfront investments can pressure profitability, returns on capital and balance sheets before revenues scale up. He also warns investors against chasing AI-driven hype without assessing valuations, revenue visibility and long-term return potential.
Are SIP investments helping foreign institutional investors (FIIs) exit Indian markets, or are retail investors providing much-needed support amid sustained outflows? Manish Sonthalia, Director & CIO, Emkay Investment Managers, explains why Indian retail investors have become more financially literate and increasingly focused on fundamentals and valuations. With monthly SIP contributions remaining strong, the real test lies ahead as market corrections challenge investor patience and returns. Will investors continue their SIPs if returns turn negative, or shift towards other asset classes? The discussion examines SIP resilience, FII selling, domestic investor confidence and the evolving maturity of India's investing community.
Indian markets are facing a puzzling disconnect as earnings growth remains strong while stock prices continue to fall. Nifty 50 companies are expected to report 14–15% earnings growth, with midcap and smallcap indices projected to grow faster. Manish Sonthalia, Director & CIO, Emkay Investment Managers, shares his perspective on whether concerns over future corporate earnings, weakening SIP inflows, sustained FII outflows or sluggish private capital expenditure are weighing on investor sentiment. The discussion examines whether Indian markets are facing a structural growth bottleneck or experiencing a temporary setback. Can earnings growth and market performance realign over time, restoring confidence in India's long-term investment outlook?
As Indian markets face severe turbulence leading up to Diwali, how should retail investors navigate the chaos? In this pre-Diwali special, Shailendra Bhatnagar sits down with market veteran Manish Sonthalia, Director & CIO, Emkay Investment Managers, to decode the market’s massive divergence: why are stock prices crashing while corporate earnings continue to grow? Sonthalia directly addresses the panic surrounding FII outflows, explaining why SIPs are the actual strength - not the weakness - of Dalal Street. He breaks down the mega macro trends, from elevated oil prices to the global AI CapEx unraveling, and reveals exactly where Emkay is overweight right now on sectors such as IT, Banking and Hi-Tech Manufacturing. Plus, discover why the real wealth creation over the next five years is hiding in the mid and small-cap space.
As we bid farewell to a challenging Samvat 2082, what does the new financial year, Samvat 2083, hold for Indian investors? In this Diwali special of Business Today Television, Sakshi Batra sits down with Gautam Shah, Founder, Goldilocks Global Research, to decode the market outlook. With Indian equities facing heavy FII outflows and missing the global AI rally, Shah explains why the worst might finally be priced in and predicts a gradual 15% index recovery. Discover his top sector picks, including IT, PSU Banks, and Hospitality, and learn why he believes ETF and global investing are the future. Plus, get his exclusive ₹10 lakh asset allocation strategy - highlighting gold and silver as the ultimate wealth hedge.
Global diversification is gaining importance as international markets and AI-driven companies deliver strong returns compared with Indian equities. Gautam Shah, Founder, Goldilocks Global Research, explains why investors should consider expanding beyond domestic markets to access opportunities in the US, South Korea and Taiwan. He discusses how artificial intelligence is reshaping global investment trends and changing India's relative market position. Shah suggests that investors could consider reducing their India allocation to 75–80%, while exploring global equities and precious metals such as gold and silver. The discussion highlights geographical diversification, market-based investing and the importance of building a portfolio for long-term growth.
With sharp corrections across several stocks and growing uncertainty in the IT sector, investors are reassessing their investment strategies. Gautam Shah, Founder, Goldilocks Global Research, believes exchange-traded funds (ETFs) could play a bigger role in portfolios over the next five to ten years. He explains how ETFs tracking major indices and specific sectors can help investors gain diversified exposure without relying entirely on individual stock selection. The discussion explores passive investing, the growing popularity of ETFs in India and how retail investors and high-net-worth individuals can approach market themes while remaining mindful of valuations and stock-specific risks.
Foreign institutional investor outflows have weighed on Indian equities, raising questions about when overseas money could return. Gautam Shah, Founder, Goldilocks Global Research, explains why global investment opportunities, the artificial intelligence boom and taxation differences are influencing foreign investor sentiment. He believes domestic institutional and retail money continues to provide crucial support to Indian markets, reducing dependence on foreign flows. However, attracting sustained overseas investment may require policy action on taxation and stronger participation by Indian technology companies in the global AI opportunity. The discussion examines what could change foreign investors’ outlook towards India and revive FII inflows.
After an extended period of market weakness and underperformance, investors are looking for signs of a turnaround in Indian equities. Gautam Shah, Founder, Goldilocks Global Research, believes that valuation concerns, geopolitical tensions, high crude oil prices, rupee weakness and AI-related disruption have already weighed on sentiment. With the Nifty's 22,000–22,500 range emerging as a crucial support zone, the current correction could offer opportunities for long-term investors. He expects a gradual recovery towards 25,000–26,000, while advising investors to focus on leading companies and stronger-performing sectors. Despite recent volatility, the outlook remains optimistic, with the next year expected to be better than the last.
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Mihir Vora On Mutual Fund Strategies For Samvat 2083 | Where To Invest This Diwali?
