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[hfe_template id='11223'] [ad_1] 2025 will likely be very different from 2024 with possibly moderate returns from large-cap stocks and flat-to-negative returns for the bulk of mid-cap and small-cap stocks. In the case of 'narrative' stocks in capital goods, defence, electricity sectors and PSUs, despite the recent large correction, there is likelihood of 'large negative' returns. The Indian market's high valuations have been supported by the price-agonistic buying behaviour of domestic non-institutional investors that remain extremely confident of making high returns at all price points. Forced buying of domestic institutional investors led by equity mutual funds, which have been deploying funds irrespective of prices and valuations, also helped. Foreign investors, cautious about market valuations, sold shares worth $13 billion in 2024 (primary and passive flows support the overall modest positive FPI figure). The Nifty 50's valuation may look fai...

[hfe_template id='11223'] [ad_1] India's equity benchmarks ended flat on Tuesday following a roller-coaster session as investors took concerns over the increase in taxes on stock market transactions in their stride. The Nifty ended 0.12%, or 30.20 points, lower at 24,479. The Sensex declined 0.09%, or 73.04 points, to 80,429. Money managers said the undertone will remain cautious owing to the high valuations. "Given the slight disappointment on capex and the increase in capital gains tax structure, the Nifty is expected to consolidate between 23,700 and 24,500 levels in the near term," said Nikhil Ranka, CIO, equity alternatives, Nuvama Asset Management. "The near-term valuations look rich, and the upsides seem capped." Mid-cap and small-cap stocks also ended weak. Out of the 4,015 stocks traded on the BSE, 1,680 advanced, while 2,223 declined."The valuations could potentially correct post the budget if the flows are impacted due to changes i...