Indian markets scaled new peaks on Tuesday

Chennai, July 4 Indian stock markets continued to scale new heights with the Sensex of the BSE and the Nifty of NSE reaching new peaks on Tuesday.

The Sensex of BSE touched a high of 65,672.97 points and Nifty of NSE 19,434.15 points.

The Sensex opened at 65,503.85 points and raced up to reach a 52 week high of 65,672.97.

On Monday, the Sensex had closed at 65.205.05. points. At the NSE, the Nifty opened at 19,406.60 and flared up to a 52 week high of 19,434.15 points.

“We believe the worst of the FIIs outflow is now behind us as the strong earnings growth and economic recovery will play out in the remaining months of 2023. For the next 6-9 months, the evolving macroeconomic data points would continue to influence the market,” said Axis Securities in a report.

Axis Securities said at a base level scenario, it maintain its forecast of 20,200 points for Nifty by December 2023 valuing it at 20 times on December 2024 earnings.

“In the bull case, we value Nifty at 22x which translates into a Dec’23 target of 22,200,” Axis Securities said.

In the bear case, the Nifty is valued at 18x which in turn works out the Dec’23 target of 18,200 points.

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