Sandip Sabharwal believes that the positive outcome of the Maharashtra election, with the ruling party securing a larger mandate, could boost market confidence. This result suggests public approval of economic policies and potential for continued growth. Coupled with the market’s recent dip, Sabharwal suggests this could signal a bottom for 2024, paving the way for incremental market improvement.
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This strength is underpinned by robust domestic demand, a sustained capex cycle, and relatively limited exposure to global shocks compared to developed markets.