Sensex at 83000, Nifty at 25000 by THIS DATE? ICICI Direct analyst picks 7 stocks for bumper gains in 2024 – List (Pic: Freepik/ET NOW News)
Sensex, Nifty Outlook 2024: Indian equities was clearly an outperformer compared to most global peers in 2023, more in mid and large cap space. Interestingly, this was amidst geopolitical tensions, rise in key policy rates across the globe and volatile commodity prices.
According to Pankaj Pandey, Head – Research, ICICI Direct, the Indian economy, nonetheless, was resilient with revival in private capex cycle, robust infrastructure spending by government, record GST collection and most importantly margin expansion led healthy high double digit corporate earnings growth.
The brokerage said that there are greenshoots in the form of continued corporate earnings momentum domestically, healthy GDP growth, benign commodity prices outlook as well as likely rate cut globally.
“Thus, there seem to be more positive than negatives ahead,” it said.
“India is in a sweet spot vis-à-vis global peers with macroeconomic stability and corporate earnings in sight,” it added.
Nifty, Sensex Target 2024
ICICI Direct sees Nifty at 25000 and Sensex at 83,250 by December 2024, offering a potential upside of 15 per cent from current index levels
“We expect Nifty earnings to grow at a CAGR of 16.3 per cent over FY23-26E. Our December 2024 target for Nifty is set at 25,000 wherein we have valued Nifty at 20x PE on FY26E EPS of Rs 1,250 per share with corresponding Sensex target set as 83,250; offering a potential upside of 15 per cent from current index levels,” it said.
The brokerage added that India’s share of foreign flows will rise further. “India’s share in Emerging market index has almost doubled from 7 per cent to 14 per cent in last 8 years and is likely to increase further with higher economic size.”
ICICI Direct has picked 7 stocks that hold potential to deliver bumper returns in 2024.
UGRO Capital Share Price Target 2024
UGRO Capital is a MSME focused non-deposit taking NBFC. ICICI Direct has set a target of Rs 350 on URGO Capital. CMP: Rs 273
SBI Cards Share Price Target 2024
SBI Cards, a subsidiary of State Bank of India (68.9 per cent stake), is the second largest credit card issuer in the country. The brokerage has set a price target of Rs 950. CMP: Rs 775
NMDC Share Price Target 2024
NMDC is the largest iron ore mining company in India with annual production capacity of 52 million tonne (MT). It is operating seven iron ore mining leases (five in Chhattisgarh & two in Karnataka). The brokerage has set a target of Rs 250. CMP: Rs 217
Uno Minda Share Price Target 2024
Uno Minda has over the years evolved into one of the largest entities in domestic auto ancillary space, providing solutions in areas of comfort and convenience, aesthetics, safety and others. It is India’s largest maker of automotive switches, horns, CV seat & PV alloy wheels and third largest automotive lighting player. ICICI Direct has set a price target of Rs 810. CMP: Rs 678
Greenply Industries Share Price Target 2025
Greenply Industries is one the leading players in the plywood business in India with capacity of 48 mn sq. mt. per annum. It has a distribution network of 2,300+dealers/authorised stockists pan-India. The brokerage has set a target of Rs 295. CMP: Rs 242
Birla Corporation Share Price Target 2024
Birla Corporation is the flagship company of the M.P. Birla Group. It is primarily engaged in the manufacturing of cement as its core business activity with presence in the jute goods industry as well. Cement business contributes 95 per cent to total revenues and has a total capacity of 20 million tonnes (mtpa) with 11 plants across Madhya Pradesh, Uttar Pradesh, Rajasthan, Maharashtra and West Bengal. ICICI Direct has set a target of Rs 1,755. CMP: Rs 1,469
Grindwell Norton Share Price Target 2024
Grindwell Norton (GNL) is the market leader in the India abrasive market with 27 per cent market share. The brokerage gas set a target of Rs 2,700. CMP: Rs 2,336
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
