Goldman Sachs expects Nifty50 to touch 20,500 by 2023-end

New Delhi: As the new year inches closer, global brokerage firm Goldman Sachs launched its outlook for India for the upcoming calendar year. It has pegged India’s GDP growth at 5.9% in 2023.

The foreign broker expects Nifty50, the NSE’s benchmark index, to hit the 20,500 mark by the end of 2023, suggesting an upside potential of 10%.

#MarketsWithETNOW | See India’s GDP growth at 5.9% in 2023. Valuations of Indian stocks are expensive:… https://t.co/5v7dp5m8G8

— ET NOW (@ETNOWlive) 1669193071000

Goldman Sachs believes that India remains an attractive long-term destination for foreign portfolio investors (FPIs). However, it added the Indian equity markets are less likely to outperform its peers in the year 2023 as the valuations look expensive, leaving little room for upside.

Lastly, the overseas investment banker has pegged RBI’s repo rate to be around 6.75% by February 2023, which is currently at 5.90%.

This suggests hikes of 85 basis points (bps) in the next three months.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)


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