ETMarkets Survey: Brace up! Sensex seen testing 74000 points in 2024, but conditions apply
Year-to-date, the NSE Nifty 50 has gained more than 18% and the BSE Sensex 17%, driven by robust inflows from both domestic and foreign investors.
As we enter into 2024, the bulls are holding the strings tight and market experts remain optimistic about the performance continuing in the next year as well.
Driven by strong capital inflows and conducive macroeconomic factors, the Nifty 50 is seen at 23000 points, and the Sensex at 74000 points by December 2024, according to over 56% of the 23 analysts who participated in the ETMarkets survey.
Currently, the Nifty 50 and Sensex are hovering around 21000 and 71000 points, respectively.
Easing inflation, strong domestic GDP growth, improving high-frequency indicators, robust corporate earnings, and expected lower interest rates in 2024 have driven the bull run in Indian equities, particularly in the last two months.
Since November, benchmark indices have rallied more than 12% in the backdrop of the above-mentioned factors.
“With interest rates pegged lower for FY24, inflation circling towards acceptable levels and GDP showing resilience — equity markets are expected to make merry in 2024,” said Sahil Dhingra of Alvez Capital.
The improving domestic and global macro indicators drove inflows from both foreign and domestic investors.
So far in 2023, FPIs have net invested close to $18 billion, almost covering up for the sell-off in 2022.
Meanwhile, domestic institutional investors pumped in over $20 billion into equities, after $23 billion worth of investments in 2022.
With flows from both the big bulls of Dalal Street remaining strong, experts only see them getting better in 2024.
Over 78% of the 23 respondents in the ETMarkets survey see FII inflows in 2024
