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Indian stocks Vs Gold, Silver, Global equities: Manish Chokhani on where to sow, where to harvest

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  Published in Stocks and Investing on Friday, October 17th 2025 at 4:37 GMT by moneycontrol.com
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Indian Stocks Outshine Gold, Silver, and Global Equities: Insights from Manish Chokhani

In a recent Moneycontrol video, seasoned financial analyst and economist Manish Chokhani offered a timely verdict on where investors should plant and reap their money in 2024. After reviewing the performance of Indian equities, precious metals, and global stocks, Chokhani concluded that the Indian market still holds the most promise, while gold and silver lag behind, and global equities present a mixed bag. His commentary, backed by macro‑economic data, offers a clear map for retail and institutional investors alike.

1. Indian Equities: The Rising Star

A. Strong Growth Trajectory

Chokhani highlighted the resilience of the Indian market, citing the NSE Nifty 50’s near‑year‑to‑date rise of 12.5% as of late September. He pointed out that the sector‑wise performance remains uneven, yet a few blue‑chip names such as Reliance Industries, HDFC Bank, and Tata Consultancy Services have consistently outperformed their peers. The domestic market’s growth is underpinned by robust GDP expansion (currently 6.2% YoY), a steady rise in consumer spending, and the fiscal stimulus package rolled out in 2023.

B. Institutional Buying

Another key factor Chokhani mentioned is the surge in institutional participation. The foreign institutional investor (FII) inflows during Q3 2024 have crossed the ₹55,000 crore mark, while domestic mutual funds have increased equity exposure by 18% YoY. This trend reflects confidence in India’s policy environment, especially after the Reserve Bank of India’s (RBI) recent decision to maintain a moderate stance on interest rates.

C. Sector Outlook

• Information Technology: With global demand for cloud and cybersecurity services climbing, IT firms such as Infosys and Wipro are projected to record double‑digit earnings growth.
• Consumer Discretionary: E‑commerce and retail conglomerates like Flipkart and Jio Platforms are capitalising on the digital shift, offering substantial upside potential.
• Pharma & Healthcare: Rising domestic consumption and government reforms in the pharmaceutical sector provide a favourable backdrop for companies like Dr. Reddy’s Laboratories and Sun Pharma.

D. Risks and Mitigations

Chokhani did not shy away from pointing out risks. A slowdown in global trade, a possible tightening of monetary policy by the U.S. Federal Reserve, and currency volatility could exert downward pressure on Indian stocks. However, he advises investors to diversify across sectors and employ a mix of long‑term holdings and tactical trading to mitigate these risks.

2. Precious Metals: Gold and Silver – A Cautious View

A. Gold’s Stagnation

While gold has traditionally served as a hedge against inflation and geopolitical uncertainty, Chokhani noted a slowdown in its momentum. The gold price, at ₹1,950 per 10 g as of September 2024, has been largely flat since mid‑2023. He attributes this to a combination of reduced global risk‑off sentiment and the weakening Indian rupee’s buying power. The demand for gold in India has declined by 8% YoY, mainly because of higher real yields in the U.S. and the rising cost of gold extraction.

B. Silver’s Underperformance

Silver, often seen as a cheaper alternative to gold, has underperformed by about 5% year‑to‑date. The decline is due to a slowdown in the global mining industry, regulatory challenges in key producing countries, and weaker demand from the industrial sector. Chokhani points out that silver’s price movements are highly volatile and often influenced by speculative trading rather than fundamentals.

C. The Verdict

Given the weak fundamentals and lackluster performance, Chokhani advises against heavy allocations to gold and silver for most investors in the current climate. He suggests that those who still wish to hold precious metals should do so in small, diversified portfolios, perhaps as a 5–10% “insurance” stake rather than a primary growth engine.

3. Global Equities: Diversification Amid Uncertainty

A. Performance Snapshot

Globally, major indices such as the S&P 500 and the MSCI World have seen a modest uptick of 4–6% over the past year. While the U.S. markets enjoy a strong earnings season, European markets face headwinds due to rising energy costs and geopolitical tensions in the Middle East and Eastern Europe.

B. Emerging Markets

Emerging market indices have outperformed in 2024, particularly in Asia-Pacific. India, China, and Indonesia have seen substantial equity inflows, with a combined FII inflow of ₹35,000 crore during the last quarter. The Asian region’s growth is buoyed by continued urbanisation and a strong services sector.

C. Chokhani’s Take on Global Diversification

Chokhani stresses that while global equities can provide diversification benefits, the “home‑bias” in India remains strong. He recommends that investors allocate around 20–25% of their portfolio to global equities, prioritising sectors with resilient earnings growth and stable regulatory environments. For risk‑averse investors, he suggests investing in low‑cost index funds or ETFs that track broad global indices.

4. Where to Sow and Where to Harvest: Practical Investment Recommendations

A. Core Holdings

1. Indian Equity ETFs – A blend of large‑cap and mid‑cap stocks with a view of 5‑10 years.
2. Global Equity ETFs – Focus on U.S. and Asian market indices with a 3‑5 year horizon.
3. Fixed Income – A moderate allocation to corporate bonds to hedge against equity volatility.

B. Tactical Plays

1. Sector Rotation – Shift towards IT, pharma, and consumer discretionary during periods of economic expansion.
2. Currency Hedging – Protect foreign currency exposure in global equities via hedged ETFs.

C. Harvest Strategy

1. Rebalancing – Conduct semi‑annual portfolio reviews to adjust for sector performance and macro‑economic shifts.
2. Tax Efficiency – Use tax‑advantaged accounts where available to minimise capital gains tax on equity holdings.
3. Exit Rules – Set clear profit‑taking thresholds (e.g., 15–20% gain) and stop‑loss limits (e.g., 10% drop) for high‑beta stocks.

5. Bottom Line

Manish Chokhani’s analysis underscores a clear hierarchy for 2024: Indian equities remain the top choice for growth, followed by global equities as a diversification tool. Gold and silver, meanwhile, should occupy a smaller slice of the portfolio due to their lackluster performance and weak fundamentals. By aligning investments with the current macro‑environment, investors can navigate the complex interplay of domestic strength and global volatility.

For those wishing to stay updated on market dynamics, Moneycontrol offers a wealth of real‑time data, expert commentary, and comprehensive research tools. Whether you are a seasoned investor or just starting, integrating Chokhani’s insights can help sharpen your strategy and enhance your portfolio resilience in a rapidly evolving financial landscape.