Key Points
Indian equity strategists have scaled back their year-end outlook as a new bull run in India's already-richly valued stock market is unlikely, according to a Reuters poll..
The Sensex and Nifty 50 indexes were expected to gain 3.8% and 4.6%, respectively, from Tuesday's close to end-2023, slightly downgraded from a February poll..
Already-richly valued India stock market indexes are forecast to scale new highs this year but a new bull run is unlikely, according to a Reuters poll of equity strategists who downgraded their year-end outlook from three months ago...
While an end to the RBI's modest rate-hiking cycle was a positive for equities, a high probability of a U.S. recession this year is likely to limit their gains, suggesting stock prices will be range-bound in the near term...
"The valuations have somewhat moderated to a long-term historical average but there remains a risk for some downward revisions to earnings growth estimates, particularly for sectors with higher exposure to the global growth cycle," said Rajat Agarwal, Asia equity strategist at Societe Generale...
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