Indian equities are expected to continue their stellar 2023 performance into the current year with the NSE Nifty 50 likely to touch 22,500 by end-December 2024, according to Citi Research.
The research firm forecasts the benchmark Nifty's earnings per share to be 14% by the next financial year. In 2024, it prefers large caps over mid and small caps.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Strong domestic inflows may continue to aid mid and small caps' performance, but the risk-reward ratio is seen better in large caps, Citi said.
In large caps, Citi is 'overweight' on public sector banks, utilities, defence and infrastructure.
Looking Back At 2023
Investors preferred riskier assets like emerging markets' stocks to developed markets' equities, which helped Indian equities post their best performance in 2023, according to Citi.
Indian equities gave returns equal to those of developed markets and outperformed their peer markets.
In the latter part of the year, domestic inflows continued to support Indian benchmark indices' performance.
In sectors, auto, healthcare and industrial outperformed benchmark indices, while financials, utilities and metals underperformed.
Net inflows from foreign institutional investors sharply rebounded last year compared to 2022. India received a net FII inflow of $20 billion in 2023.
Citi's Top Picks For 2024Â
Banks & Diversified Financials
HDFC Bank Ltd.
ICICI Bank Ltd.
IndusInd Bank Ltd.
SBI Life Insurance Co.
Industrial Capital Goods
Larsen & Toubro Ltd.
Bharat Electronics Ltd.
Adani Ports and Special Economic Zone Ltd.
Materials
UltraTech Cement Ltd.
Pharmaceuticals
Sun Pharmaceutical Industries Ltd.
Apollo Hospitals Enterprise Ltd.
TelecomÂ
Bharti Airtel Ltd.
Energy
GAIL (India) Ltd.
Reliance Industries Ltd.
Utilities
NTPC Ltd.
Auto & Transportation
Maruti Suzuki India Ltd.
Eicher Motors Ltd.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.