The Indian markets witnessed extremely volatile trading sessions last week as the benchmark indices corrected nearly 3 per cent in the gap of two days. The volatility was triggered by FIIs, who have been on selling spree, weak global cues and downgrading of Indian market by leading foreign brokerages like UBS and Nomura. These brokerages were concerned about excessive valuations of the domestic market.  

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Meanwhile, Jeffries Global head of Equities Chris Wood, who launched 'Long Only' India portfolio, in July this year remains bullish on the India market.  

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Wood's optimism in the Indian domestic market was as such that the expert recommended to stay invested in the domestic equity market for the next 10 years. "Indian market is the only choice to remain invested for the next 10 years," Zee Business TV report quoted Woods making this statement.  

Giving a constant bullish outlook on real estate and IT sector, Jeffries said he would invest in the market on every fall.  

Jeffries Global head of Equities stated that current scenario of the Indian market is similar to that of 2003. "The picture of the Indian market at this time is similar to that of 2003. Bond yield of 5% increased to 8-9% in the next few years in 2003-04.  Market giants were then at risk of spoiling the investment cycle. The recent India is at 10-year Bond yield of 6.3%. The Investment cycle is still strong," said the Christopher Wood.  

Chris Wood, who has been constantly bullish on the Indian market since the beginning of Corona, has launched a portfolio comprising of 16 blue chip stocks. Jefferies’ global head of equity strategy has launched an 'India long-only' equity portfolio, including stocks such as HDFC, ICICI Bank, State Bank of India, Reliance Industries, Bajaj Finance and others.

Earlier, in the last week global brokerage firms have downgraded India's rating. UBS has downgraded India dubbing the market as “extremely expensive,” while Nomura too scaled down India's rating from ‘overweight’ to ‘neutral’, citing expensive equity valuations.