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:…

— 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)

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Eid-ul-Fitr moon sighting highlights: Saudi Arabia, India may mark Eid same day

Eid-ul-Fitr 2022 moon sighting highlights: There is a wafer-thin chance that Muslims…

As Washington ramps up efforts to bring India on board with sanctions against Russia, U.S. treasury official on visit to Mumbai and Delhi

U.S. Assistant Secretary to discuss Russian oil purchases by India, rupee-rouble trade…

सड़क, रेल, 5G… अरुणाचल बॉर्डर से सटे तिब्‍बत में क्‍या-क्‍या गुल खिला रहा चीन, सेना ने सब बताया

Edited by दीपक वर्मा | भाषा | Updated: May 17, 2022, 1:08…

India Shelves ₹35,000 Cr Plan To Upgrade Su-30 Fighter Fleet Amid Russia-ukraine War | Mint

NEW DELHI : Several factors have shelved the Indian Air Force’s plan…