New Delhi, Nov. 20 -- The Indian stock market is expected to see healthy gains in the medium term due to a healthy macro set-up and increased government capital expenditure. However, the market's performance may be more normalised compared to the last five years, according to Harsha Upadhyaya, a fund manager at Kotak AMC.

"The medium-term outlook of the Indian stock market is moderately positive, supported by steady domestic demand, rural recovery, and government capex. Large caps appear better positioned for stable returns. Market performance is likely to be healthy but more normalised compared to the last 5 years," said Upadhyaya.

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