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February 22, 2024 / 08:17 AM IST

Sensex Today | India’s BSE index to rise about 9% in 2024, correction unlikely

India’s stock market will surge to new highs by the end of June and gain nearly 9% in 2024, despite already lofty valuations, according to analysts polled by Reuters, who said a correction in the next three months was unlikely.

The BSE Sensex index, closely tracking the U.S. S&P 500 index, climbed nearly 19% last year on expectations global central banks will cut interest rates in 2024 and India’s economic growth will outpace its peers.

Breaching the 73,000 mark for the first time in January, the benchmark index is up over 1% this year.

That is despite fading speculation about early rate cuts from the U.S. Federal Reserve triggering foreign portfolio outflows from many emerging markets.

Optimism in the stock market has also been driven by expectations the ruling Bharatiya Janata Party, led by Prime Minister Narendra Modi, will retain power in the upcoming national election.

The Feb. 12-21 Reuters poll of 28 equity analysts forecast the Sensex index would add another 4% to reach a high of 76,000 at the end of June, far above the 70,000 level expected in a November poll.

From Tuesday’s close of 73,057, the BSE index is forecast to rise 7.5% to 78,550 at the end of 2024. That would be around a 9% gain for the entire year.

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