Vijay Kedia, a renowned veteran investor in the Indian stock market believes that the era of easy money might be behind us. Kedia noted that the euphoria surrounding small-cap and mid-cap stocks is gradually subsiding, although not entirely.

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He views the ongoing market correction as a sign of the market shedding excessive speculation, leading to a more sustainable and less speculative environment.

"The Nifty might have fallen by 5-7% and might have recovered also in last week but many small-caps and mid-caps are down by 30% or more. I think this is a good sign as far as the market is concerned because there was froth in small-cap and mid-caps and now this euphoria is settling down, but I don't think the euphoria has settled down completely.

However, the time to make easy money has passed. So I feel the market will consolidate at the current levels," Kedia stated in an interview with CNBC-TV18.

Kedia pointed out a notable trend in the Indian stock market, emphasising the diminishing influence of foreign institutional investors (FIIs) and the growing role of retail investors. He considers this shift a significant learning from Samvat 2079, the Hindu calendar year.

Furthermore, Kedia expressed optimism about the infrastructure sector in India. He believes that this industry holds substantial potential over the next five years and beyond.

Kedia pointed out that infrastructure companies typically require several years to complete their projects, and they are currently still receiving new orders. The sustained demand for infrastructure projects, coupled with the government's emphasis on infrastructure development, suggests that this sector's growth story is just beginning.

From a contrarian perspective, Kedia expressed positivity regarding the aviation sector in India. Historically, investing in airline companies has posed challenges for many investors. However, Kedia believes that the current juncture might be an opportune time to consider this sector.

Watch the accompanying video for the entire conversation.