The valuations of Indian stock market indices are rich and leave a little room for any large upside next year, according to brokerage firm HDFC Securities which expects Nifty 50 to see another 8-10% upside from the current levels. Deepak Jasani, Head of Retail Research at HDFC Securities expects Nifty 50 to rise 8-10% from the current levels by the end of 2024. Large cap index to offer better risk adjusted returns vis-à-vis mid or small cap indices led by higher earnings growth and relatively better valuations. HDFC Securities preferred sectors are large-cap banks, industrial and real estate, power, autos, pharma, OMCs, gas, and capital markets. The brokerage listed stocks to accumulate over 2024.

Source: Mint December 20, 2023 21:24 UTC