PwC Chairperson Sanjeev Krishan and Avendus Co-founder Ranu Vohra said the Nifty is likely to end the year higher, supported by favourable domestic and global macroeconomic conditions.
Krishan said the rupee is unlikely to witness significant depreciation, while Vohra suggested it may avoid weakening to the 100-per-dollar mark.
Panellists stressed the importance of policy certainty, stronger investment opportunities, effective use of FTAs, and greater participation in global value chains to attract long-term foreign capital.
PwC India Chairperson Sanjeev Krishan and Avendus Co-founder and Executive Vice Chairman Ranu Vohra expressed optimism about India's equity markets, saying the benchmark Nifty index is likely to end the year higher amid improving domestic and global macroeconomic conditions.
Speaking at the MindMine Summit in New Delhi, Krishan said several positive factors continue to support the market outlook.
1 June 2026
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"I expect the Nifty to end higher since we have a lot of positive factors ahead," he said.
Investor sentiment received a boost on Monday after the announcement of a ceasefire between the US and Iran, easing concerns over supply-chain disruptions, inflationary pressures and elevated crude oil prices.
Following the development, the Nifty 50 ended nearly 1% to close at 23,853.90, while the rupee strengthened and settled at 94.71 against the US dollar.
On the currency outlook, Krishan said the rupee is unlikely to witness significant depreciation. Vohra echoed the view, saying the currency may not weaken to the psychologically important 100-per-dollar level.
Policy Certainty Key to Foreign Capital
During the discussion, moderated by NDTV Network Executive Editor (Political Economy) Gaurie Dwivedi, panellists examined the direction of capital flows amid a rapidly changing geopolitical landscape.
Nilesh Shah, Managing Director of Kotak Asset Management, said foreign portfolio investors (FPIs) have remained cautious, but India's broader investment story remains intact.
"When we talk about capital flows, foreign portfolio investors have withdrawn about $150 billion while investing roughly $100 billion. However, gross foreign direct investment into India remains strong," Shah said.
He added that global investors are increasingly looking for policy certainty and regulatory stability before committing capital.
Building Stronger Investment Stories
Vohra said India must create more compelling investment opportunities to attract global capital.
Pointing to the Indian Premier League (IPL) as an example, he said investors view sports franchises as attractive assets that are relatively insulated from technological disruption while continuing to generate strong returns.
At the same time, Vohra cautioned that India remains underrepresented in critical global value chains such as semiconductors and advanced technologies.
"We are not integrated into global value chains such as AI or semiconductors. Countries like South Korea and China have used sectors such to attract large-scale investments," he said.
FTAs Need Better Industry Utilisation
The panel also discussed India's growing network of free trade agreements (FTAs).
Krishan said the benefits of recent trade deals would depend on how effectively Indian businesses, particularly micro, small and medium enterprises (MSMEs), leverage new market-access opportunities.
He underscored that ensuring businesses understand and utilise these agreements will determine their long-term economic impact.
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