Stock Market Outlook: Our dependence on US market limited now, next 10-15 years belong to India, says Anil Singhvi | Here's why

Indian stock market's dependence on the US market has drastically come down in the recent years and one should not worry much about volatility there, said Zee Business Managing Editor Anil Singhvi on Friday.  

He was speaking on the ongoing wave of corrections in the market amid fears of inflation and rate tightening by central banks across the world.  

He was of the view that domestic investors have shown that they can brave FIIs (Foreign Institutional Investor) selling on their own, which was not the case earlier. " It is happening for the first time. One should keep faith in our economy and do not be unfazed by the volatility in the US market. The next 10-20 years belong to India," said Anil Singhvi.  

He said our economy is better placed in comparison to other larger economies, because we have growth, however, the only thing stopping is higher inflation.  The growth is unable to counter inflation at the moment, he said.  

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Meanwhile, reacting to excise duty hike on petrol, diesel and ATF, Index heavyweight Reliance Industries and state owned ONGC, which corrected up to 12%, dragged the market in knee-jerk reaction.   

The benchmarks Nifty50 and Sensex corrected more than one and half per cent in the early trade as the former slipped below 15,600 and the latter took a beating of nearly 800 points.  

At around 1.15 pm, the Nifty50 and Sensex declined over half per cent to trade near 15,700 and 52, 700 respectively.  

Meanwhile, Foreign Institutional Investors remained net sellers in June, offloading equities worth Rs 58,112.37 crore in the month. However, DIIs countered it with a net buy of Rs 46,599.23 crore in the month ended on June 30.