Nifty, Sensex can fall 30% from peak but it's not all gloom and doom, says Mark Mobius

The Indian benchmark indices can fall by 30 percent from their peaks in the correction being witnessed globally, according to market veteran Mark Mobius. Currently, the Nifty50 is down almost 13 percent from its all-time high of 18,604.45. In fact, it went down to almost 15 percent before the bounce back this Friday (May 20).

Mobius told CNBC-TV18 there might be more pain in store, but there is a silver lining. The Mobius Capital Partners LLP founder believes the Indian market will perform better than its peers.

"(One should) invest in Indian companies, which have minimal debt and strong pricing power," Mobius advised.

The markets have been in rough weather since the Russia-Ukraine war added to pressure on an already liquidity withdrawing environment globally. Subsequently, the Indian benchmark indices also took hits, with the Nifty50 down 4.4 percent in the last month and the BSE Sensex sliding almost 2,300 points.

Mobius also said central banks could reduce inflation by reducing taxes and providing relief to consumers.