The Sensex rallied by 491 points and closed at 71,848, driven by foreign fund buying despite a weak overnight close for Wall Street stocks. Banking & financial stocks contributed the most to the gain. Minutes of the US Fed’s last meeting indicating rate cuts in 2024 cheered local investors. The market rebounded from its two-day fall, led by a rally in real estate stocks.
India’s stock market is forecasted to hit record highs in the coming six months, driven by sustained economic growth. Equity strategists predict a rise of over 10% from the current levels by end-2024. Value stocks are expected to outperform growth stocks.
Radhika Gupta, MD & CEO of Edelweiss AMC, discusses the factors leading to a potentially good decade for corporate India and highlights the balanced and multi-sectoral nature of the Indian opportunity. She also talks about the changing consumer trends, the growth of the digital economy, credit access, and the positive earnings season with broad-based resilience of corporate earnings.
