Nifty Closes Day in the Green; Goldman Sachs Bullish On India

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Nifty Closes Day in the Green; Goldman Sachs Bullish On India
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Nifty managed to close above the psychologically important 12,700 number on November 13, one day before mahurat trading. It was a democratic show by all indices, as all of them ended in the green except FMCG and media. Metals, pharma, and realty led the markets today and gained 1.67%, 1.08%, and 1.34% respectively. Eicher Motors (NS: EICH ) was the standout performer today gaining 7.46% at the close. Bajaj Finserv Ltd (NS: BJFS ) and Coal India (NS: COAL ), both gained over 3%.

Investment banks bullish on India

Investment banks Goldman Sachs (NYSE: GS ) and Nomura have increased their targets on India on the back of the two-week stock market rally since November 2. Goldman has raised its Nifty target to 14,100, an upside of 10.84% from Friday’s close of 12,720.

Nomura’s target for the Nifty is 13,640 an upside of 7.2% from current levels. Goldman has upgraded its India rating to ‘overweight’ from ‘market weight’. It expects India’s real GDP growth to touch 10% in 2021 and 7.2% in 2022.

Nomura believes that the Pfizer (NYSE: PFE ) vaccine news will cause foreign funds to flow into India as risk sentiment improves in the world and central banks will loosen monetary policy. Both Indian indices have risen around 65% since they fell in March on news of the pandemic and the lockdown.

European markets have opened flat, with the FTSE trading marginally lower and CAC trading marginally higher. Dow Futures and S&P Futures are both are trading almost 1% higher.

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  • SAD MELODY @SAD MELODY
    NIFTY WILL BE ACHIEVED 15300 MARKS IN NEXT 6 MONTHS
    Like 1
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      @SAD MELODY 🤑🤑
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