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Stock market likely to rise 9% in 2024 and reach new highs in June: Reuters poll

Submitted by admin on February 24th, 2024

Stock market has already registered 1% growth this year. As per a poll by Reuters, analysts don’t expect any correction in the near future, at least in upcoming three months.

India’s stock market is likely to reach to new peaks by the end of June and achieve nearly 9% growth in 2024, as per the analysts polled by Reuters. They have dispelled any chance of correction in the next three months. As per their prediction, the BSE Sensex index surged about 19% last year in anticipation of India’s masive economic growth that will outpace its peers. In January, the benchmark index crossed the 73,000 mark for the first time. It has already gone past 1% this year.

How will Indian stock market fare in 2024?

According to Reuters poll, 28 equity analysts predict the Sensex index would gain another 4% and accomplish a new high of 76,000 by the end of June. It will be way ahead of the 70,000 level that was anticipated in a November poll.

Will the markets surge before the Lok Sabha elections?

Stock market will continue to grow driven by the anticipation of a likely return of PM Modi-led BJP to power in the Lok Sabha election that will be held a few months later.

What is analysts’ opinion about the stock market and India’s economic future?

Neeraj Chadawar, head of quantitative equity research at Axis Securities told Reuters, “The Indian economy remains a ‘star performing’ economy” if compared to other emerging markets. Furthermore, it is reasonably believed that the growth will continue in 2024 and India will be able to maintain its economic stability against the backdrop of a dodgy global economy. “The entire setup for the market is very constructive at this level because the market is looking at the policy continuity in the upcoming national level election,” he asserts.

Is there any chance of market correction in 2024?

About 2/3rd  majority of respondents dismissed any possibility of market correction. Rajat Agarwal, Asia equity strategist at Societe Generale said, “It is very difficult to call whether there is a major correction.” According to him, India’s macro situation is very good.  “The concerns are more around a little bit of high valuations than anything else,’ he adds.