Equity returns to moderate, AI & hidden gems to drive alpha: Madhusudan Kela
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New Delhi: Broad market annual returns are likely to moderate to 10-12%, said veteran investor Madhusudan Kela, tempering expectations for headline indices even as he remains constructive on India's long-term prospects. With nominal growth moderating and sectoral dominance by mature industries, he sees benchmark gains settling into a more measured trajectory. The real alpha, he believes, will emerge from identifying "hidden gems" companies and themes, particularly around AI applications, that can enhance productivity and margins over time. Volatility may dominate headlines, but it is conviction, not chaos, that builds wealth in Indian equities, he said at the summit. Speaking on the topic, "Is Volatility A Buying Opportunity?", Kela said his core message is: "ignore the noise, back entrepreneurs with resilience, and let compounding do the heavy lifting". The past few weeks have seen a whirlwind of even...