ICICI Direct pegs 12-month target of Nifty at 21,500, helped by macro stability and resilient earnings

ICICI Direct predicts that healthy double-digit earnings growth and macro stability will bolster the markets in India, predicting that the Nifty will reach 21,500 within a year. It sees structural bets in banking, capital goods, domestic consumption, and autos. Key sectors, such as BFSI, auto, and FMCG companies, have seen upgrades after the fourth quarter. Conversely, IT, oil and gas, metals, and telecom have seen downgrades. The aggregate Nifty earnings were revised downwards by 1%. Encouraging GDP data shows Indian growth rates rising at a healthy 7.2%, while inflation has also eased.

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