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Benchmark equity indices were up 0.65% at close on Thursday. The Sensex closed at 52,300.47, up 358.83 points, or 0.69%, while the Nifty was at 15,737.75, up 102.40 points, or 0.65%.
Indian markets outperformed many of its global peers in the month of May shrugging off concerns around the unabated second wave of the Covid-19 pandemic. Both benchmarks, Nifty and Sensex, rebounded 7% in May after dipping around half a percent in April. Even on a year-to-date basis, the Nifty has already risen over 12% in 2021. So, will the party continue or is it time for you to book your profits? Money9 spoke to markets experts of top brokerage houses to find out where do they see the Nifty trading at by Diwali.
Motilal Oswal Financial Services: Nifty Target | 16,500
Hemang Jani, Head Equity Strategist, Broking & Distribution, Motilal Oswal Financial Services, spoke to Money9 and shared insights on the sectors and themes which will lead the next leg of the stock market rally and said, “The sharp recovery in global economy and the government push towards higher investments into the economy has led to some of the cyclical sectors doing well in the last few months. Also the unlock trade is playing out well. Market is witnessing rotation from high PE stocks to cyclical/value plays. This apart – the capex cycle is also expected to pick up in FY22. Thus from next 12 months perspective, apart from being positive on IT and Healthcare, we also prefer select BFSI and some cyclicals within Metals, Cement, Cap Goods, Oil & Gas and PSU space.”
Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal Financial Services shared his views on the targets benchmark indices are expected to achieve by Diwali and said, “Major trend of the market is bullish and every small decline could be bought in the market. We expect the Nifty to touch the level of 16,500 by Diwali and the Sensex 55,000
Religare Broking: Nifty Target | 16,400
Ajit Mishra, VP – Research, Religare Broking shared the mid-term outlook on markets till Diwali and said, “We believe the positive bias would continue on the back of buoyant global markets and encouraging local cues. We feel the government and apex bank have a major role to play to set the roadmap for the recovery. In our opinion, ramp up in vaccination would also aid faster economic recovery and subside the lingering fear of the 3rd COVID wave. Additionally, we expect earnings to recover meaningfully in FY22 and FY23 and it would reflect in the stock prices as well. In between, the progress of the monsoon will also be closely watched by the participants.”
“On the benchmark front, Nifty and Sensex have the potential to test 16,400+ and 55,000+ zone respectively”, he added.
Capital Via Global Research: Nifty Target | 16,800
Gaurav Garg, Head of Research at CapitalVia Global Research also had a similar view. He said, “We expect Nifty to be somewhere around 16500-16800 and Nifty Bank to be somewhere around 38,000-38,500 by this Diwali. We may see faster economic recovery after the second wave as the lockdown restrictions go away. Also, country’s vaccination programme is expected to run at a fast pace with 1st dose coverage reaching at least 60% of the population. Sectors like IT, Pharma, Auto and Banking are expected to lead the show in the coming months.