homemarket News2023 unlikely to give runaway gains, says Jefferies
market | Dec 30, 2022 6:48 PM IST

2023 unlikely to give runaway gains, says Jefferies

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Jefferies’ India Strategist Mahesh Nandurkar, on December 30, said rising interest rates have been one of the biggest worries of the year 2022, adding that it is unlikely to see runaway returns in 2023.

Jefferies’ India Strategist Mahesh Nandurkar on Friday said rising interest rates have been one of the biggest worries of the year 2022, adding that it is unlikely to see runaway returns in 2023.

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While talking about specific sectors, Nandurkar said it’s too early to jump into the IT space, also hiring trends in the sector has become weak. However, public sector undertaking (PSU) banks are looking like a good bet and both foreign institutional investors (FIIs) and domestic investors are overweight on banks.
On the Indian equity market, he said, "To a large extent, one of the biggest worries of CY22 (calendar year) has played out - that is rising interest rates globally, as well as in India. It is now looking like a buy-on-dips kind of market to me. However, we are not likely to see runaway returns, but so was the case in the last 12 months."
Indian equity benchmarks BSE Sensex and NSE Nifty50 ended lower on the last trading day of the year. The indices made a positive start earlier in the session tracking strength across global markets. Financial shares dragged the market lower. Shares of Elin Electronics will debut on the bourses today.
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