'See a possibility of Nifty hitting 28,000 this year'

The markets could rise another 10-12 per cent from current levels; however, there will be intermittent corrections - even after the Budget, predicts AMAR AMBANI, executive director at YES Securities India. In an interview with Sundar Sethuraman in Mumbai, Ambani says that given the government's robust revenue position, there won't be any disruptive tax measures in the upcoming Budget. Edited excerpts:

- Sundar Sethuraman

The first half of 2024 has turned out to be good for the equity markets. What are the key takeaways?

Markets are performing well, extending last year's strong performance. The momentum continues, supported by rising earnings. Despite high interest rates, earnings have shown no signs of slowing down. Earnings across the board have held up well, with some deceleration observed in small and midcaps (SMIDS).

Do you expect rate cuts in India anytime soon?

The repo rate could be cut even now. However, cutting rates before the Fed could impact the rupee and FPI flows. The Fed shows no urgency in cutting rates, maintaining a necessary gap between US and domestic yields.

When do you expect the Fed to cut rates?