June 10, 2024 / 11:31 AM IST
Stock Market LIVE Updates | Nomura sees Nifty hitting 24,860 by year-end, overweight on financials, infra, oil & gas
Despite the election-led volatility, Japanese brokerage Nomura kept its portfolio unchanged on expectations of political continuity. The brokerage projected that the frontline index Nifty 50 could breach 24,860 by the end of 2024.
Following the election outcome, the domestic markets crashed six percent as investors liquidated their holdings.
Concerns regarding political and policy stability, which could impact foreign and domestic flows, caused traders to flee to the relative safety of defensive sectors like IT, pharma and FMCG as sectors relating to favourable government policies, such as PSU and defence stocks, were in a downward trajectory.
However, Nomura said: “Through the course of the past week, we think the concerns have abated. The composition of the cabinet over the weekend also indicates policy continuity at the moment.” Read More
