With the Sensex moving past breaching 80,000 on July 3, speculation is back as to at what level could it end the year. Investment strategist for more than two decades and CEO, Plexus Management Services, said that the Sensex has already covered the ground (ie. 80,000) he earlier thought it would move by the end of the year.
Sensex After Budget 2024
He doesn’t think the market will move far beyond this level this year. “I shall not be surprised if the market climbs back to lower levels after the budget. It will be good for the market,” Mukherjee remarked.
Director, Wishlist Capital, Nilanjan Dey pointed out that a thousand points here and there don’t really matter, but with six months of the year behind us, no major economic disruption is being apprehended now.
Determined by liquidity
“The trend is positive and the rally around us is liquidity-determined,” he said indicating it is quite impossible to predict the market movement. On the positive side, Dey also said that a clutch of smaller sectors are advancing towards bigger targets.
Both Dey and Mukherjee said that the market is being driven by liquidity. “Indian investors are putting in a lot of money into the markets. FPIs are also bringing back the funds they pulled out from the system. All liquidity-driven rallies have a shelf life and it might come to an end soon,” predicted Prasunjit Mukherjee.
Dey, on the contrary had a more bullish outlook. “Sensex and Nifty will both gain ground but the probability of hitting temporary roadblocks will not dissipate the momentum. Indeed, with every new high, a section of the market will veer towards profit booking. My bet is, the leading indices will not be very far away from 100,000 and 27,000 respectively by the end of the next few quarters,” he said.
Sensex in 80K-90K range
The head of retail research of Religare Broking told Business Standard as late as June 24, that the index could hit 81,000.
In the first week of January, MNC investment bank Morgan Stanley predicted that Sensex might soar to 86,000 by December 2024. However, a base case scenario would pull it down to the region of 74,000, the global wealth management firm told the media early in the year.
The bull run could continue for some more time, thanks to the tailwind of macro economic factors such as continuing growth prospects, continuing reform agenda of Prime Minister Narendra Modi and trust of domestic and global investors.
It seems to be a rise that knows no fall. With the unprecedented bull run gripping the Indian equity markets, no expert is going to stick out his neck to say where Sensex can end the year. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
