Brokerage house InCred Equities sees FY24 Nifty target at 21,103 and maintains an ‘overweight’ stance. Meanwhile, it recommends booking profits after a 20.8 percent return from the Nifty Infrastructure index in the last six months.
The Nifty 50 index is now trading at 20.3x FY24 and ~17.6x FY25 consensus EPS. Valuations look fair now on an FY25 basis and risk-reward is balanced, said HDFC. Its preferred sectors are large-cap banks, industrial and real estate, power, autos, pharma, OMCs, gas, and capital markets.
The September-quarter earnings season was a mixed bag with muted topline growth and zooming profits. The bottomline growth was thanks to ebbing cost pressures and recovering margins
Shares of IFGL Refractories surged almost 8 percent on Wednesday, extending gains for the fourth straight session to hit a new high on the back of robust September quarter (Q2FY24) earnings.