Bernstein remains neutral on Nifty, 8-9% return expected this year
index, India's benchmark stock market indicator. The brokerage is predicting a modest 8-9% return for the index in the current year.
This was drawn from extensive interactions with over 100 global investors, who expressed discomfort with market valuations but continue to invest due to persistent domestic flows. However, sectors like Telecom and Healthcare have garnered some interest, aligning with Bernstein’s overweight position on these sectors. The real estate sector, despite its challenges, continues to attract attention due to its potential for growth.
Despite these developments, Bernstein maintains a selective approach, favoring specific stock picks across sectors. “We believe fears of US recession, at least at the current juncture, are over-accounted and Indian macro will largely play out independently. Softening commodities can, in fact, help by way of reduced CAD and support to rupee,” the analysts said.
Despite the challenges, Bernstein’s neutral stance on Nifty, coupled with a modest return expectation, reflects a balanced outlook.
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