Nifty at 20,000 pts among predictions by ICICI Securities for 2023

Nifty at 20,000 pts among predictions by ICICI Securities for 2023

India's IT firms will be affected by the selling in the American tech sector, which is likely to stop.

FPJ Web DeskUpdated: Wednesday, January 04, 2023, 09:48 PM IST
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Following a slump in the pandemic, Indian indices Sensex and Nifty emerged stronger than ever, and scaled all time highs towards the close of 2022. But the country faces challenges such as inflation and a global recession that'll eventually spread to Indian markets. Even in such a climate, a report by ICICI Securities has forecast a positive year, with Nifty50 expected to hit the 20,000 point milestone.

It cited stagflation, a phenomenon where inflation remains high and growth stagnates, as a major threat for stocks. But also forecast a 12 per cent long-term return from Indian shares.

The report also mentioned capital spending by corporates and the government as well as the real estate cycle, bank credit growth and discretionary consumption as driving factors for 2023.

India's IT firms will be affected by the selling in the American tech sector, which is likely to stop, while a mild recession in the US and a decline of long-term inflation will play a significant role.

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