Scale down expectations from stock market in 2025: Dhiraj Relli, HDFC Securities

Although we may see a 10% upside from here in the early part of the year, the year 2025 may not end with such gains unless the geopolitical situation eases materially and Trump acts rationally and in a broad-minded way so that the Sino-US tensions do not derail the global growth trajectory. Investors will do well to scale down their expectations of returns from the equity market.