Ramesh Damani signals a new bull market – Here are the themes he favours for Samvat 2083

A new bull market is underway in India, driven by a structural shift in global capital and positive foreign institutional inflows, according to Ramesh Damani, Member of the BSE.

The veteran investor, in an interaction with CNBC-TV18 during the special Muhurat Trading Session on Sunday, November 8, advised market participants to focus on new economy stocks, strategic public sector metals, and artificial intelligence (AI) infrastructure, warning that attempting to time the market amid global geopolitical noise is a “fool’s game.”

Damani highlighted the danger of sitting on the sidelines due to concerns over US elections or conflicts in West Asia and Ukraine. Missing the recent, historically unprecedented 7% rise in the Nifty illustrates why time in the market matters more than timing it. A two-year period of brutal consolidation has ended, marked by positive foreign institutional investor (FII) figures, expanding new highs, and emerging market leadership, he added.

A structural change is unfolding as the global artificial intelligence trade slows down. Sharp corrections in markets that previously led the rally, such as Japan, Korea, Taiwan, and the United States, are redirecting capital back toward emerging markets (EMs). This shift is creating a favourable environment for domestic equities.

When identifying leadership in this new phase, companies hitting new highs offer the best clues. While public sector undertaking (PSU) defence stocks have enjoyed a massive run, they are now well-discovered and no longer offer bargains, though they may continue to compound. Instead, the focus should shift to PSU metals and minerals plays.

“I think there’s a huge rush in the world to move towards self-sufficiency,” Damani noted, pointing to the strategic importance of local supply chains. He expects producers concentrated on rare earths, critical minerals, copper, aluminium, and titanium to see strong action over the next few years. The necessity of domestic supply chains was recently underscored when Starlink reduced internet speeds in Ukraine, challenging the country’s war effort and highlighting the vulnerabilities of relying on external critical infrastructure.

Despite the global moderation in AI enthusiasm, domestic infrastructure plays, including transformer, cable, power, and fibre optics companies—remain attractive. The recent correction in these stocks is healthy following their vertical ascent. Demand and earnings profiles for fibre optics companies stay robust. Data centers remain essential to the AI race, making the recent dip a strong buying opportunity for investors who missed the initial rally.

Watch the full conversation here

Ramesh Damani sees new bull market, bets on PSU metals and AI infrastructure

The consistent lesson from the past 18 months of broader market volatility is to remain invested. With FII numbers turning positive, market breadth improving through new highs, and capital rotating toward what Damani termed the “anti-AI trade,” the current consolidation breakout signals the start of a new bull run.

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