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Post the earnings, brokerage Citi is overweight on PSU Utilities & Defence, Industrials, Banks/Insurance and underweight on Consumer Discretionary, IT Services, and Metals. Its December 2024 NIFTY target is 22.5k, which indicates a 2 percent upside.
Shibani Sircar Kurian says: “So far earnings have been predominantly led by domestic businesses, which are still holding up well. The second sector, which has also been a key contributor to earnings has been the banking sector. Incrementally, we are seeing some degree of margin pressure and therefore, you need to moderate earnings from that perspective.”
InCred Equities believes that the consolidation is likely to be sustained till December 2023, until the poll outcome in five major states is announced.
JP Morgan, says that in the near term, the sequential growth in the Indian economy is likely to stagnate a little bit which will lead to broader-based earnings downgrades for the market. There seems to be a departure from the assumptions of 1st of January that interest rates will remain low, US bond yields will not go close to 1.5% and oil prices will remain under check. We are staring at a completely reverse picture right now. I would agree. In the near term, it does appear that a bit of inflationary picture is getting painted but let me extend this to the rest of the year. In the developed ...