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"Achieving a $4 trillion market cap and becoming the 5th largest market globally is a landmark moment. This growth is fuelled by a combination of resilient economic growth and robust domestic investment flows which was compounded by Foreign Inflow as well as towards the latter part of the Calendar Year as yields eased up somewhat. Looking ahead, the challenge will be to sustain this momentum, especially considering the premium valuations compared to our peers."

“With valuations way up there, FMCGs will tread water for the next couple of quarters because there are no real signs of an acceleration of push. But there are pockets where you will start to see spending because things like, four- wheelers SUVs, which are rural plays but also election related plays.”

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“From a short term perspective, yes, there remains a lot of iuncertainty and which is why the Paytm stock has reacted in such a volatile way and one can only wait for things to normalise over the medium term, which is where we have maintained our buy on the stock.”

According to a survey of 10 economists conducted by ET, the Monetary Policy Committee (MPC) is expected to maintain the repo rate at 6.50% while adhering to its stance of withdrawing accommodation.

Zomato shares had ended at Rs 122 on Thursday, gaining 2.61%. The foodtech company has given multibagger returns of 102% on a year-to-date basis and has outperformed Nifty which has returned nearly 15% during this period. The stock is trading above its 50-day and 200-day simple moving averages (SMAs).

"We believe manufacturing and allied industries like auto ancillaries, metals, defense, textiles, capital goods, utilities, logistics, corporate banks etc. will continue to remain under spotlight in the year ahead given the macro and micro tailwinds. We continue to have a favorable outlook for the banking industry, which is fueled by strong growth potential from rising loan growth and falling credit costs. "