2026 will be very exciting for Indian equities: Ridham Desai

Indian markets have already rebounded from their worst dollar-return slump in over two decades, setting up 2026 as an ‘exciting year’ for domestic equities, said Morgan Stanley managing director Ridham Desai.

- Staff Writer

Indian markets have already rebounded from their worst dollar-return slump in over two decades, setting up 2026 as an ‘exciting year’ for domestic equities, said Morgan Stanley managing director Ridham Desai. So far in 2025, the Nifty 50 and Sensex have risen 10% and 9%, respectively, hitting record highs, Desai said while speaking at Hindustan Times Leadership Summit 2025.

While the world has been in a ferocious bull market, India has been the outlier, he said, adding that this was the country’s worst relative year since 1993 in dollar terms. “Now, as we look forward, India's relative performance has already turned in November. We're recouping some of our lost ground. This has come on the back of big policy pivot that India made starting in February, with rate cuts.”