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Himanshu Kohli, Co-founder of Client Associates, discusses the evolving landscape for High Net Worth Individuals (HNIs) in 2024, emphasizing diversification through international real estate and the growing importance of ESG-compliant investments.
While large-cap private banks, NBFCs, and IT are looking relatively attractive in terms of valuation; industrial, PSUs, consumer, and capital goods are expensive as compared to their medium-term averages, the report further adds.
As we approach the Interim Budget 2024 or the Vote on Account, the Indian markets are expected to remain strong in 2024 aided by the reallocation of global liquidity towards equity, with the government's policy stance aligned with this momentum. The Indian market is well-positioned for continued growth, although it may remain volatile in the near term. India's fiscal deficit and current account deficit are in line with goals. India's economic indicators reveal sustained growth rates, making it an appealing investment destination.
The most significant gains before the budget were observed in 2021, with the Sensex and the Nifty having advanced about 21 percent as the economy emerged from the Covid aftermath.
India's MSCI Emerging Markets index spiked in eight years, leaping from 7 percent to 17.1 percent. With the ongoing domestic institutional investments and potential steady FII participation, India could surpass a 20 percent weight in the MSCI EM Index by early 2024