Domestic broking firm ICICIdirect has set Nifty target for December 2024 at 25,000 by valuing the index at 20x PE on FY26E EPS of Rs 1,250 per share with corresponding Sensex target set as 83,250
Global broking firm Jefferies has reduced its weight on L&T in its model portfolio to neutral and has also told clients that the impact of Budget on some stocks exposed to railway and defence capex program may be subdued.
"Nifty is now 20x 1-year forward - higher than the past 10-year average, but relative to EM (ex-China) the premium at 67% is only somewhat higher than the historical average. Also, on a PEG basis, the Indian market appears reasonable," said Jefferies.
In Dalal Street s record-breaking rally in 2023, FIIs stuck to their favourite financials, dumped IT stocks, and were consistently wooed by the old-world charm of capital goods.
An analysis of his portfolio shows that the investor s best performing stock is Tata Motors DVR which is up 138% so far in the calendar year. Rekha owned 1.92% stake in the company at the end of the September quarter.