Markets can correct up to 15% from current level: IIFL chairman Nirmal Jain

Jain says long-term outlook for the Indian economy and markets is undoubtedly very positive and the country's rise is unstoppable

Besides global developments, markets are now eyeing the outcome of the Assembly election in Karnataka scheduled for May 2018. Nirmal Jain, founder and chairman of IIFL Group, in conversation with Puneet Wadhwa and Vishal Chhabria said he expected the markets to remain volatile, as they have the curiosity to assess election outcomes in advance. Edited excerpts:
 
How are you interpreting the fall in markets from the peak levels?
 
At this point, I would like to believe it was just a much-needed correction. When the markets run up sharply, even a small event can trigger a fall. That’s the