New Delhi, June 18 : Markets are back at all-time highs but it doesn't feel like a bull run because retail activity isn't picking up, said Nitin Kamath, Founder and CEO, Zerodha.

“Active clients on NSE, Google and social media trends are way below all-time highs. Unlikely that activity will pick up given the higher interest rate environment,” Kamath said in a tweet.

“I keep telling our team that our competition is really the bank’s fixed-deposit rates, not our peers. Most retail investors question whether taking the added equity risk is worthwhile when govt bonds and FDs yield 7 per cent plus,” he added.

India continues to be in a sweet spot given 6.5 per cent GDP forecast for FY24 (highest globally), pause in repo rates (6.5 per cent), declining inflation (food and fuel), revival in industrial capex and strong infra push by the Government of India, said Amnish Aggarwal, Head of Research, Prabhudas Lilladher.

Aggarwal said NIFTY has given 5 per cent return in the past two months led by strong resilience in Indian economy and revival of FII flows.