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sensex: BNP Paribas sees Sensex at 44,500 by December end

researchsnappy by researchsnappy
January 16, 2020
in Investment Research
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sensex: BNP Paribas sees Sensex at 44,500 by December end
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Mumbai: BNP Paribas is overweight India in its Asia ex-Japan universe, and expects BSE benchmark Sensex to touch 44,500 by the end of 2020.

“India, despite its sharp economic slowdown, offers high quality compounders and a few attractively valued candidates poised for a potential recovery,” Manishi Raychaudhuri, Asia Equity Strategist, BNP Paribas told reporters on Thursday.

On the earnings front, Raychaudhuri pointed out that year 2019 was a “one-horse” affair for Indian earnings. Barring contribution from financials, EPS growth for MSCI India would be in the range of -7 % to -10%.

“The year 2020 promises to be similar, though slightly less so,” he added.

Abhiram Eleswarapu, Head of India Equity Research, said there were three risks to their Indian market target.

The investment house expects US Federal Reserve to cut rates at least twice going ahead, and if that does not happen, it could hurt Indian markets. The second risk is how Indian government walks the tightrope of boosting growth and managing fiscal deficit, while the third one is the emerging risk of stagflation.

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