The good news is that the bull market is intact and it never went away, said Ramesh Damani, Member BSE. While a lot of pain has been felt in the smallcap and midcap stocks, so it felt like a bear market but by the technical definition we were never in a bear market,” he added.

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"This bull market that began in 2013 is intact, it is just going through lot of growing pains," he said in an interview with CNBC-TV18 celebrating its 20th birthday.

Talking about macroeconomic data, Damani said, “I spend my career trying to bottom-fish stocks and not worry too much about the macroeconomic ability. In 1999, the index was around 4,000 or so level, just on the edge of the big tech boom and today we are 40,000. So it has been a 10x move in the index over the last 20 years or so. So the pickings are by remaining bullish and staying invested rather than trying to overly do complex analysis of macroeconomic data.”

Talking about CNBC-TV18 completing 20 years, he said, “One thing that defines the 20 years that we saw together was the rise of tech and the rise of telecom in India. I think that transformed India."

According to him, despite all odds, India’s economy has been a rewarding journey for investors.