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Expressing his happiness with Narendra Modi-led government's performance,Rakesh Jhunjhunwala of Rare Enterprises told ET Now, "Economic performance in India likely to surprise everyone."
According to the ace investor, markets are anticipating a pickup in real economy, corporate performance and any dip in the equity markets is an opportunity to buy. "A big correction in markets is unlikely. Any correction in markets is a buying opportunity," Jhunjhunwala told ET Now.
"India will be a source of growth for global markets. India is a primary gainer of drop in oil prices," Jhunjhunwala said. Jhunjhunwala is of the opinion that Sensex earnings can double in the next four years and Nifty could be three times its current valuation in the next five years.
"I don't think India is a crowded trade. The ratio of institutional money is low in India. Less than 1% Indian household wealth invested in equities," Jhunjhunwala said. He sees the Eurozone as a key risk to Indian markets in 2015, but doesn't see the Russian economy defaulting.
Jhunjhunwala is bullish on the defence manufacturing sector and adds that India could be the next defence exporter. Jhunjhunwala ruled out the possibility of investing in e-commerce sector, saying, "E-commerce does not have a evolved business model."
Talking about oil prices, Jhunjhunwala said, "Oil is still trading above cost of production for major producing countries. Oil at current levels is unlikely to cause big financial disruptions," he added.
According to the ace investor, markets are anticipating a pickup in real economy, corporate performance and any dip in the equity markets is an opportunity to buy. "A big correction in markets is unlikely. Any correction in markets is a buying opportunity," Jhunjhunwala told ET Now.
"India will be a source of growth for global markets. India is a primary gainer of drop in oil prices," Jhunjhunwala said. Jhunjhunwala is of the opinion that Sensex earnings can double in the next four years and Nifty could be three times its current valuation in the next five years.
"I don't think India is a crowded trade. The ratio of institutional money is low in India. Less than 1% Indian household wealth invested in equities," Jhunjhunwala said. He sees the Eurozone as a key risk to Indian markets in 2015, but doesn't see the Russian economy defaulting.
Jhunjhunwala is bullish on the defence manufacturing sector and adds that India could be the next defence exporter. Jhunjhunwala ruled out the possibility of investing in e-commerce sector, saying, "E-commerce does not have a evolved business model."
Talking about oil prices, Jhunjhunwala said, "Oil is still trading above cost of production for major producing countries. Oil at current levels is unlikely to cause big financial disruptions," he added.
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