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“If you look at the quality of the advance and the new highs made, it suggests the post-March correction is just a temporary blip. The market is roaring back with breadth and quality. I feel we’ll test the old highs, maybe as soon as the New Year,” Damani remarked at the 20th edition of IBLA.
He attributed the market correction to transient consumer slowdowns and seasonal trends but highlighted improved growth prospects as key drivers of recovery. “The market clearly felt the need for a correction of 10%. But now, we’re looking at better days ahead,” he said.
Damani reiterated his long-standing investment philosophy, urging investors to stay the course. “The bet in India is always to remain invested through volatility. When I started, the index was below 1,000; today, it’s close to 80,000. The best approach is to remain invested in high-quality Indian businesses,” he stated.
Damani identified multiple sectors driving the recovery, including pharmaceuticals, technology, and cement. “The number of stocks making lifetime highs is no coincidence. When 10, 20, or 30 stocks in your portfolio hit all-time highs, it signals a much broader current in the market.”
Addressing the buzz around cryptocurrency, Damani dismissed Bitcoin as speculative. “I belong to the Warren Buffett camp that believes Bitcoin has no real value. It’s purely a speculative vehicle. I would avoid it,” he said, adding that while the new generation may favour it, he remains unconvinced.
Looking ahead, Damani expressed caution over potential global uncertainties. “On January 20, when Trump takes over, the world could see shifts in terms of tariffs, protectionism, and globalisation. The world may change in ways we don’t fully understand.”
Concluding on a bullish note, Damani described Indian markets as offering a “virtual buffet” of investment opportunities. “From pharma to tech, Indian stocks present an extraordinary range of choices. It’s a great time to stay invested,” he affirmed.
