Domestic institutional inflows, which have propelled the market to near lifetime highs this year, are likely to get stronger going ahead, said Agarwal
UBS, whose December-end Nifty target is 8,800, implies a 1.6% downside from the current level. On Thursday , the Nifty50 closed at 8,939.5 level.
Capital market activity is likely to be even stronger in 2017 as Indian markets are well placed among emerging markets due to the government's pro-reform agenda, said Saraf.
Anand Rathi Private Wealth Management and Flexi Capital have entered into a strategic association to cater to wealth management requirements.
"Valuation multiples are closer to historical highs and no longer cheap, in our view considering FY19F P/E at 8.4x and P/B at 1.4x," said Nomura.
The brokerage said that outlook for earnings in the financial year starting April has considerably improved as impact of demonetisation has been fairly limited.
Rollover in Nifty futures to March was 73%, higher than the three-month average of 69%. The marketwide rollovers at 77% were in line with the average.
The brokerage has retained sell recommendation on Tata Motors with a target price of Rs 405 amid deteriorating business margins in arm Jaguar Land Rover.
BofAML expects muted returns also because the market is not fully appreciating the impact of demonetisation.
Credit growth of banks is likely to remain subdued at 10-12% compounded annual growth rate over FY18-FY19 as real estate and informal economy will stay under pressure for some time.
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