New Delhi, Dec. 4 -- Indian markets have already turned around from the worst period of dollar returns in over two decades, and 2026 will be an "exciting year" for domestic stocks, according to Morgan Stanley managing director Ridham Desai.

In 2025 so far, the Nifty 50 and Sensex have risen 10% and 9%, respectively, hitting record highs, Desai said while speaking at the Hindustan Times Leadership Summit 2025. While the world has been in a ferocious bull market, India has been the outlier, he said, adding that this has been the country's worst relative year since 1993 in dollar terms.

"Now, as we look forward, India's relative performance has already turned in November," Desai said. ".we're recouping some of our lost ground. And this has...