Given the focus on profitability, one can accumulate new age stocks with an investment horizon of more than 12-18 months, Neeraj Chadawar of Axis Securities advised.
The Indian market performance has shown resilience in the last couple of months. It has outperformed the major global market by healthy margins, thanks to the country s robust and superior outlook vis-à-vis other emerging economies.
Indian equities have performed well in the first half of 2023, reaching all-time highs, and money managers are optimistic about the market s prospects for the rest of the year. According to a survey, 86% of brokerages expect the benchmark Nifty 50 to be above 19,000 by December, and 79% believe the Sensex will surpass 65,000. Foreign and domestic fund flows are also expected to sustain, driven by strong corporate earnings and attractive growth potential. However, volatility may persist due to global interest rate hikes and geopolitical risks. The automobile, FMCG, and realty sectors are expected to continue gaining momentum in the second half of the year, while banking stocks are expected to rebound. Midcap and smallcap stocks are also expected to perform well, outperforming benchmark indices.
In a Diwali survey conducted by BT Digital with 10 brokerages, as many as three analysts from Reliance Securities, Hem Securities and Axis Securities voted in favour of ITC. Likewise, similar number of analysts from Kotal Securities, Reliance Securites and Swastika Investmart suggested Axis Bank.