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MC Markets Poll: 2024 to be another year of bulls, largecap stocks to rally
Jan 01, 2024 01:29 pm

As we enter the new year 2024, hopes run high that the market will continue to rally this year too, extending its winning streak to the ninth year in a row. However, the stellar run has also induced some cautiousness among market participants.In a Moneycontrol Markets Poll, nearly half of the 35 analysts and fund managers surveyed said they see the Nifty in the range of 23,000 to 25,000 by the end of 2024. That means a potential return in the range of 6-15 percent.The NSE Nifty 50 gave a 19 percent return in 2023, ending at 21,731. It also hit an all-time high of 21,801 during the year. About a quarter of respondents (23 percent) said they believe the Nifty will surpass the 25,000 mark during the year, taking the yearly returns to more than 15 percent. The rest see a relatively muted year for the market, with 14 percent seeing the Nifty end the year in the range of 20,000 to 23,000 and another 14 percent below the 20,000 mark. The euphoria is expected to continue during the start of the next year on account of the exuberance of rate cuts and drop in bond yields,” said Vinod Nair, head of research at Geojit Financial Services. “We expect a modest return of 10 to 12 percent on the main market in CY24.”