With Nifty eyeing 24,500 on favourable election results, Emkay advises balanced investment in these sectors
With India entering into the final phase of voting and waiting with baited breath for the general election results, experts are betting on a market rally in case of a favourable outcome, ie, Prime Minister Narendra Modi’s BJP-NDA winning with a comfortable majority. Manish Sonthalia, Chief Investment Officer of Emkay Investment Managers, predicts that the Nifty index could rise to 24,500 by December 2024, assuming no negative surprises from the election results. By the fiscal year 2026, he expects Nifty to rise further to as high as 26,500. He advises a balanced investment strategy between largecaps and midcaps, with key growth in BFSI, PSU, industrials, infrastructure, power, and a recovery in pharmaceuticals. "The market is broadly anticipating around 330 seats for the NDA. If this happens, we likely won't see a significant initial reaction. However, the markets will take time to digest these numbers, with the next key focus being the budget," Sonthalia said during a...