State election results to set tone for Indian markets ahead of 2024 polls - Prabhudas Lilladher

ABB India

22/11/2023 07:11

** State elections to dictate market momentum ahead of 
India's general elections in May 2024, says Prabhudas Lilladher
in a note post-market hours on Tuesday
    ** Sets base case 12-month target of 22,584 for Nifty 50
 .NSEI , an implied upside of 14.16% from the last close of
19,783.40 
    ** Remains overweight on banks, IT, capital goods and
healthcare; underweight on metals, cement, consumer goods, oil &
gas and diversified financials
    ** Identifies El Nino impact on crops and prices of sugar
and wheat, higher interest rates in the U.S., volatility in
crude and geopolitical uncertainties as other key near-term
headwinds       
    ** Says strong domestic inflows have neutralised foreign
outflows over the past quarter
    ** Identifies ABB India  ABB.NS , Avenue Supermarts
 AVEU.NS , HDFC Bank  HDBK.NS , Maruti Suzuki  MRTI.NS , ICICI
Bank  ICBK.NS , Reliance Industries  RELI.NS  among its top
picks in large-caps

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Prabhudas Lilladher's model portfolio    https://tmsnrt.rs/3QOAWvo
Prabhudas Lilladher's high conviction picks     https://tmsnrt.rs/3MTFKyv
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 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))