Despite multiple headwinds at the start of 2023, the Indian markets delivered a strong performance, posting 19-20 per cent growth for the year. Even as new records were set, investor sentiment remains strong going into 2024, given the lower inflation, expectations of steady to lower interest rates, higher economic growth, and strong inflows. However, the overriding concern for most brokerages is valuations. HDFC Securities points out that the Nifty50 index is now trading at 23x its FY24 and 20x FY25 consensus earnings per share, indicating limited upside potential over the next 12 months.
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