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Also, the economy is relatively well-placed among emerging markets.Īlso, among the positives for Nifty - are the likely fiscal surprises on stronger-than-estimated tax collections, 5G auctions, and disinvestment revenue, along with more potential for continued reforms. This provides room for continued reforms. However, due to buying in July and August, some outflows in the equities have been recovered.Īs per NSDL data, as of August 29, in the month, FPIs inflow stood at ₹49,140 crore in the Indian equity market.įurther, in the report, BofA highlights that its optimism is derived from the country only having two state elections namely Gujarat and Karnataka among large states until November 2023.
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From January to June this year, FPIs pulled out a massive ₹2,17,358 crore from the equities market. Notably, both the downward revisions were on the back of sharp foreign funds outflow.įPIs have been net sellers in the Indian market for the first half of the year, however, the trend changed in July, and further, the buying emerged aggressive in the domestic equities in August despite rising bond yields and a strong dollar. In June, the brokerage had predicted Nifty to be around 14,500 points by 2022-end. On August 11, the brokerage announced a Nifty 50 forecast of 5,600 points by December, a 10% correction from the July-end levels. Firstly, in June, followed by the latest downward revision earlier this month. So we expect Nifty to trade within a range of 17,000-19,500, as positive/negative risks play out, with 18,500 points as our base-case target for December," as reported by PTI.Įarlier, BofA had revised its Nifty forecast downward on two occasions. Also, among tailwinds, BofA analysts in their note pointed out a sharp correction in crude/commodity prices.īofA analysts in their note said, "While we expect further downside risks to earnings from spillover effects of the weakening global macro and high base for Nifty profits for rest of the year, it is unlikely to be steep near-term, given sharp correction in crude/commodities.
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However, a faster-than-expected revival in China, and a weakening in global macro and geopolitics in the remaining months of the year, can be a spoilsport for the Nifty 50 ahead. For the upward revision, the brokerage believes the recent buying spree by foreign portfolio investors ( FPIs) this month, coupled with continuing domestic flows, strong fiscal fundamentals, and buoyant tax collections as key positives for the benchmark.