Stock Market News: Brokerage house Kotak Securities has brought out a report on the Indian stock market. It has been said that NSE’s main index Nifty has become overvalued by 20 percent and time correction may be seen in it in the coming 6 to 9 months.
According to the news of Business Standard, Anurag Singh of Kotak Securities said that Nifty has given returns of more than 10 percent in the last two months. According to our model, Nifty has become overvalued by 20 percent.
Indian market gave strong returns in 2023
The Indian stock market has given tremendous returns to investors in 2023. This was the strongest performance of Indian markets since 2017. Nifty 50 has given a return of 20 percent and Sensex has given a return of 19 percent. At the same time, smallcap and midcap stocks have also seen tremendous growth. For this reason, BSE Midcap Index has given 46 percent return and BSE Smallcap Index has given 48 percent return to investors.
What is Nifty’s target in 2024?
Kotak Securities has predicted that Nifty may touch the level of 21,834 by the end of this year. At present Nifty is trading around the level of 21,600. The brokerage house believes that due to high valuations, the Indian stock market will continue to trade in a limited range.
Selling in stock market
Selling was seen in the Indian stock market in Wednesday’s trading session. Due to this, BSE Sensex fell 535.88 points or 0.75 percent to 71,356.60 points and Nifty fell 148.45 points or 0.69 percent to 21,517.35 points. The decline in today’s session was limited to large cap stocks. The smallcap index closed flat and the midcap index closed in the green.
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