The market capitalisation of all BSE-listed stocks on that day 10 years ago was just Rs 81 lakh crore and has now jumped multi-fold to an all-time peak of Rs 400 lakh crore, making India the fifth largest stock market in the world.
The important question is: where do we go from here? Will this Santa Claus rally evolve into a pre-election rally taking the markets to a series of new highs?
The veteran market investor underscored that the Indian stock market has been very consistent in the last 20-25 years with 12-14 percent of compounded return.
While the 50-stock Nifty-50 index has delivered a 67% return in INR terms and 42% in USD terms in the past five years, market returns are expected to remain muted over the next few years, irrespective of the level of economic growth, the brokerage said.