Investors must however brace for a rollercoaster ride as worries about fair-to-rich share valuations make the market vulnerable to sharp swings if favourable global macroeconomic conditions reverse, according to poll respondents comprising some of the country’s top fund managers and brokers.
AgenciesNifty, Sensex Targets
While 25% said they expect Nifty to touch 23,500-24,000 in 2024, 32% are even more optimistic, anticipating it will cross 24,000-25,000.
‘India Still Scoring Goals, Other Nations Hitting Self-goals’
The Nifty closed at 21,731.40 on Friday, clocking gains of 19.4% in 2023, with Indian equities among top global performers. The pace of the rally has raised concerns that the market may be overheated with India’s share valuations above long-term averages and at a premium to regional peers. But few money managers expect a change in direction.ght years of stock market gains,think that the law of averages will catch up in 2024 but it’s quite surprising that few believe that there would be a big reversal in Indian stocks despite demanding valuations,” said Nilesh Shah, managing director, Kotak Mutual Fund. “The simple reasoning for this is that India is still scoring goals, while other countries are hitting self-goals. India’s premium valuation is An advance to 23,500-24,000 implies an upside of 8-10% for the Nifty, while an upmove to 25,000 would mean gains of 15%.
