In this ‘State of the Economy’ podcast hosted by businessline’s Parvatha Vardhini C, Ashish Shanker, MD&CEO, Motilal Oswal Private Wealth, starts by telling us what lies ahead for the equity markets after the relentless rally of the last 3 years. He feels that though India remains strong fundamentally with good growth rates, globally, the picture is not so great. Interest rates have not come off as early as expected, geo-political issues remain and the fact that this year is election-heavy across the globe suggest that there are enough risks in the system, according to him. Ashish sees earnings growth this fiscal reverting to long-term averages in both the large-cap and mid and small-cap spaces. For FY25, he expects Nifty earnings is expected to be in the mid-teens and advises investing in a blend of growth and value strategies. While FY24 earnings have been driven by margin expansion on lower commodity costs, he expects operating leverage from capacity expansions to help earnings from now on. Gold is hitting new highs and alongside equity and gold, HNIs and ultra HNIs - whom Motilal Oswal Private Wealth services - are taking to private credit as well as real estate funds, he says. Listen to this insightful conversation for more on trends in the equity markets and how you should invest this year.

Host: Parvatha Vardhini C; Producer: Siddharth Mathew Cherian

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