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As Nifty stays steady above 18k, Raamdeo Agrawal says, 'Downside is limited, upside is pretty good'

As Nifty stays steady above 18k, Raamdeo Agrawal says, 'Downside is limited, upside is pretty good'

'FIIs are now scared of the retail power,' the ace investor tells BT

Raamdeo Agrawal Raamdeo Agrawal

Ace investor Raamdeo Agrawal believes the downside for Indian stock markets is limited and the upside looks "pretty good" even as Nifty looks set to move beyond its all-time high. 

The chairman of Motilal Oswal Financial Services Limited told Business Today that the resilient markets are suggesting that "not only the Indian economy but the markets are also strong".

"FIIs are now scared of the retail power," said Agrawal while referring to the phenomenon of a surge in retail participation in stock markets since the lows seen in March 2020 due to Covid pandemic. 

Agrawal, however, said "markets are reasonably priced, but not cheap".

"I spent 40 years in markets. The kids who are ruling the markets these days haven't seen an underpriced market," the ace investor said. 

Meanwhile, Indian stocks trimmed early gains on Wednesday as investors remained cautious of the business impact from COVID-related lockdowns in China, ahead of the US Federal Reserve's November policy meeting minutes.

The benchmark S&P BSE Sensex gained 0.28% to 61,594.10, while the NSE Nifty 50 index added 0.25% to 18,289.40,. The markets rose as much as 0.5% in early trade.

ALSO READ: Nifty likely to be around 17,000-18,000 by end-2022, says Raamdeo Agrawal