'We're at the beginning of a new bull cycle', says Motilal Oswal

'The current market cycle can be compared with (the one from) 2003 to 2008 that laid the foundation for growth', says Oswal

A new economic growth cycle has just begun in India, says Motilal Oswal, managing director and chief executive director, Motilal Oswal Financial Services. In an interview with Samie Modak, Oswal says there will be ups and downs but the bull run will continue. Edited excerpts:

What has propelled the domestic markets this year?

The Nifty has gained 30 per cent this year, so far. Strong global liquidity, recovery in corporate earnings, containment of Covid-19 cases, and significant pick-up in vaccinations have all contributed to this rally. Friendly policy measures by governments and central banks across the globe have also boosted the overall