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Sharma said Rakesh and he have fought publicly because of having different views, but yet they were good friends. In a difficult profession, one can disagree on views and yet be great friends, he said."That is the real mark of friendship and of your maturity as a human being that the views are all subjective and are very personal but your friendships

"In the coming week participants will first react to the macroeconomic data viz. IIP and CPI in early trade on Tuesday. Going ahead, with the earnings season in its last leg, the performance of global markets will be the focus for cues," he added.

The late trader-cum-investor had been emphasising on how the domestic flows are going to increase in the market. “Here was a voice that would come and give solace during challenging times. You need someone who can give you the confidence to stay invested. Hats off to him. He was the pillar of growth of the equity cult in India, along with a few others,” he said.

Between October 2021 till June 2022, FPIs sold Rs 2.46 lakh crore in the India equity markets.Going forward, foreign fund inflow is expected to improve in the emerging markets on account of fading concerns of rising inflation and tightening of monetary policy by central banks, Shrikant Chouhan, Head - Equity Research (Retail), Kotak Securities, said.

“Financial freedom has to be measurable, it cannot be subjective. Decide your expense and your income. What is your ratio, how much are you earning and how much are you ready to invest because the difference in income minus expense is what is your investible surplus is. So, ascertain and try to expand that.”

Fondly referred to as the Big Bull, the ace investor had been making his mark on Dalal Street since 1985 when the BSE Sensex was ruling at the 150 level. Starting his career with just Rs 5,000, Jhunjhunwala was worth $5.8 billion, as per Forbes.

"Ever since I came to Mumbai, my friendship with him has been consistent. We have had many fond memories of being together in the ring (during the open outcry days of BSE), chatting on the streets, as well as eating and drinking together," Kedia told ETMarkets.com.

"We still see good opportunities in the mid-cap space. The NSE midcap index 10 yr average PE has been about 30x and 5yr average is 36x. Currently, it is trading at 21x. If midcaps were to get re-rated at 5 yr average PE, then there is a good 33% upside. With earnings growth over, we will see huge wealth creation in this space over the next 5 years."

“I do not think the Indian market will crash and fall 15% from current levels to go back to the lower levels, I do not think that will be the case. Markets will be volatile for some time and may correct a bit. But the trajectory will be upwards in the medium to long term.”

As the S&P 500 and Nasdaq posted their longest weekly winning streaks since November, analysts noted the Federal Reserve still has its work cut out as it seeks to tame inflation by aggressively raising interest rates without sparking a recession.