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- In The Next Two Years, Sensex Can Reach 58,300 And Nifty Beyond 17,500, Will Be Supported By Double Digit Earnings Growth And Strong Quarterly Results
Mumbai20 minutes ago
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After the record gains in the stock market, a slight decline is being recorded. Earlier, the major indices Nifty 15,900 and Sensex crossed the level of 53,000. Due to the decline in the Asian market and the Delta variant, there is a sell-off in the domestic stock market. As a result, on Tuesday, the Sensex 52,500 and the Nifty fell below the crucial level of 15,700. However, the downtrend is for a longer period.
Strong domestic data and quarterly results are getting support
According to research firm ICICI Direct, strong fourth quarter results and strong economic data including GST collection crossing Rs 1 lakh crore for the 8th consecutive month is likely to keep positive sentiment in the stock market. In such a situation, this rally of the market will continue even further. Small-medium stocks will be at the fore in the gains.
10% growth potential in major indexes
So far in 2021, the Nifty index has gained 13% and the Sensex 10%. ICICI Direct estimates that by the financial year 2021-22, the Nifty may climb further by 10%. Next year the index Nifty can touch the level of 17,500. Similarly, the Sensex can also reach 58,300 points, which has now reached the level of 53,000.
Focus will be on auto, capital goods and insurance sector
The research firm said in the report that going forward, we see an increase in IT and pharma stocks along with oil and gas. Because there is a possibility of double digit earnings growth between 2021-23, in which the auto mobile, capital goods, BFSI and insurance sectors will contribute significantly.