Mark Mathews, head of research for Asia at Julius Baer Group Ltd, maintained his overweight on India, with the Sensex taking a target of 70,000, suggesting potential upside of 17 per cent from the current level of 60,433.
The Nifty 50 index rose 0.64 per cent to 17,706.50, while the S&P BSE Sensex It rose 0.67 percent to 60,210.71 during late afternoon deals.
Mathews also believes that India is the best market Investing in Asia if one looks for compound returns over the long term.
The head of research for Asia at the Julius Baer Group said the number of investors with only a few risk appetites in Asia is much higher than those who examine each country very closely and then decide which to invest in . And India will. be a beneficiary of it, he said in an interview bq prime,
Mathews said the backdrop for Asia in general is positive and will attract flows into markets including India.
Meanwhile, leading consumer data intelligence company Axis My India in its latest India Consumer Sentiment Index (CSI) survey said that 43 per cent respondents believe that the Sensex will cross 70,000 mark in the next three months.
The survey also pointed out that 25 per cent believe it will remain between 55,000 and 65,000. Additionally, 18 per cent believe it will fall below 50,000.
Recently, brokerage firm ICICI Direct had also said that by December this year, the BSE Sensex could touch the level of 71,600. ICICI Direct had set a target of 21,500 levels for the Nifty.
“After closing above the 17620 hurdle last Friday, we are encouraged to raise the upside target to 18250. However, we will go ahead with near term objectives limited to 17800 today, by which time the bears may emerge again. Towards this end, a downside marker could be pushed above 17500,” said Anand James, chief market strategist at Geojit Financial Services.
“This week could throw up some important triggers related to US non-farm payrolls data and takeaways from Fed chief Powell’s views on US economic outlook. As mother market US trends are important for global equity markets, investors will have to watch Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “Stand out for these figures.
Vijayakumar said, “Banking stocks may rally on cues from GQG investment in four Adani stocks. Oversold IT stocks are also likely to see mild upside. Oil & gas and capital goods segments look strong.”
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