June 10, 2024 / 11:31 AM IST

Stock Market Live Updates | Nomura sees Nifty reaching 24,860 by year-end, overweight financials, infra, oil & gas

Despite volatility in the lead-up to the election, Japanese brokerage Nomura left its portfolio unchanged on expectations of political continuity. The brokerage estimated that the frontline index Nifty 50 could breach 24,860 by the end of 2024.

After the election results, local markets crashed six percent as investors liquidated their holdings.

Concerns regarding political and policy stability, which could affect foreign and domestic flows, led traders to flee to the relative safety of defensive sectors such as IT, pharma and FMCG due to favorable government policies. Related sectors, such as PSU and defense stocks, decelerated

However, Nomura said: “Over the past week, we think concerns have eased. The cabinet formation over the weekend also indicates policy continuity at the moment.” Read more

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