Samir Arora of Helios Capital believes that in case there were to be a change of power at the center in 2024, the market may see a correction but gradually recover over a period of time.

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“If its like 2004 where there is a change of government altogether, I think you will lose like 2004 which means 20% down on day one and then you recover over next 12-18 months, but the probability of that, I do not know how to calculate but I would think no more than 5-7-10%. But if it happens, yes, the market will fall you cannot immediately discount absolute surprises and then people will have to adjust but that is what happened in 2004 also and then life moves on, we have seen market move on with wars and elections, but initially for 3-6-9 months it will be a negative performance for sure," Arora told CNBC-TV18 in a special interaction on the Muhurat trading session for Samvat 2080.

The Singapore-based investor also said that the interest in India from Foreign Investors is very high, although they have been net sellers in the cash market over the last few months.

“I was in Tokyo a couple of weeks ago and go there for a conference where hedge fund managers meet investors. And normally we would get about 20-25 investor meeting, this time there were more than 50 meetings showing interest in India and that is from the FII side. So, I do not agree with this conversation that foreign investors are selling because they find opportunity because interest rates are high – that is one small part," he said, adding that this is India's opportunity to lose.

Arora expects returns of 13-15% from equities over a period of time.

Indian equities began Samvat 2080 on a positive note, with the Nifty 50 ending above the mark of 19,500. The Nifty Bank also closed near the mark of 44,000 with sectors like IT and PSUs outperforming.

(Edited by : Hormaz Fatakia)