ETMarkets Smart Talk: 2024 will be even better year for IPOs; Nifty50 likely to hit 26,000: Shailesh Saraf
“We expect Nifty50 to give a further return of 5,000 points and Nifty50 is expected to reach 26,000 in the year 2024,” says Shailesh Saraf, smallcase Manager & MD — Dynamic Equities Pvt Ltd.
In an interview with ETMarkets, Saraf who has over 3 decades of experience in capital markets said: “We believe that 2024 will continue to see a great number of IPOs—possibly even better than 2023—given the expectation of GDP growth and the India manufacturing story where capital spending by the Government is significant ($120bn),” Edited excerpts:
We were cruising nicely but suddenly COVID, freight concerns, and potential geopolitical tension strike D-St. What is your take – is it profit booking or will any of the above factors have a material impact?
Shailesh Saraf: The Indian market has crossed 4 trillion USD in terms of market capitalization. With 25% gains this year India has outperformed the major global markets like the US, China, Japan, and Europe.
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Offering CollegeCourseWebsiteIIM LucknowIIML Chief Marketing Officer ProgrammeVisitIndian School of BusinessISB Chief Technology OfficerVisitIIM KozhikodeIIMK Chief Product Officer ProgrammeVisitThe Indian foreign exchange reserves reached a 20-month high of 615.97 billion USD as on Dec 15, 2023, as per data from RBI. This reserve ensures that the Indian economy is well-equipped to handle any supply shocks or freight concerns.
Recently on 20th Dec 2023, the market gave a correction of 1.4%. The Index fell from 21,593 to make a low of 20,977 on 21st Dec 2023, we attribute this volatility to profit booking amid rising Covid cases.
We believe that Covid is not a major trigger for the market at this juncture. Moreover, they
