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Stock Market Outlook: Sensex May Touch 70,000 Points By December 2022, Says Morgan Stanley

In its note, the analyst said it expects the Sensex to hit the 70,000 mark by 2022-end - up around 17 per cent from the current levels.

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Sensex records sharpest May-month rally in seven years; gains 6 5%

India to outperform emerging markets, bet on cyclicals: Morgan Stanley

Indian equities are likely to outperform their emerging market (EM) peers in 2021, says the latest report by Morgan Stanley and bets on domestic cyclical stocks followed by rate sensitives. The research and broking house, however, has kept its December 2021 target for the S&P BSE Sensex unchanged at 55,000 levels (base case; 50 per cent probability) for now – an upside of around 10 per cent from the current levels. “Our unchanged BSE Sensex target of 55,000. This level implies that the BSE Sensex would trade at a forward P/E multiple of 17.5x and a trailing P/E of 21.2, ahead of the 25-year average of 19.7x. This premium over the historical average reflects a higher confidence in the medium-term growth cycle in India. We are overweight on India in a global emerging markets (GEMs) context,” wrote Ridham Desai, head of India research and India equity strategist at Morgan Stanley in a coauthored report with Sheela Rathi and Nayant Parekh.

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Explained: How bond yields impact stock market & what should investors do?

Explained: How bond yields impact stock market & what should investors do?
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Budget share of capital expenditure highest in decade, aims for investments

The government on Monday allocated a higher share of the budget to capital expenditure than it has for over a decade, aiming to help push investments amid a pandemic slowdown. Around 15.91 per cent of the budget is for capital expenditure: it was 13.55 per cent last year. The calculations are based on budget estimates. Capital expenditure refers to money spent on the creation of assets for future use like roads and buildings for health facilities. Revenue expenditure includes things like interest payments and salaries that the government pays on an ongoing basis. The share of the budget devoted to the creation of long-term assets or capital expenditure has been on the decline in recent years. It had touched 19.3 per cent in the budget estimates for the financial year 2004-05 (FY05). This declined to 12.15 per cent in FY20. This was the lowest in ten years. It was 12.11 per cent in FY10. The previous high before this year s number was 18.02 per cent in FY08.

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