Indian shares will reach a new record high by end-year, a Reuters poll of strate...
BENGALURU - Indian shares will reach a new record high by end-year, a Reuters poll of strategists showed, building on an election-driven rally in which investors have bet the ruling party will retain power and continue current economic policies.
All but one of the equity strategists who answered an additional question said they have factored in either the BJP winning a majority or a victory of the BJP-led NDA in to their forecasts. The benchmark index is forecast to hit another fresh high of 42,250 by end-2020. Similar gains are predicted for the broader NSE index.
The Reserve Bank of India cut interest rates twice before the elections. Like most major central banks, it is not expected to tighten policy any time soon, another factor that has kept share prices around the world well-bid this year.Nearly one in three contributors forecast the index to decline from the current level by end of this year, including four participants predicting a correction - a decline of 10% or more.
Shah has predicted a decline of nearly 12% by end-2019 with one of the most pessimistic calls at 34,250. The reason for lagging was largely due to weak corporate earnings, which fell about 4% annually during Modi’s tenure after gaining nearly 12% under the prior government.
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