Posted 2/13/2024, 8:04:29 AM
Investec Forecasts 10% Indian Market Correction in 2024, But No Crash; Sees Capex Recovery and Current Account Surplus
- Investec sees 90% chance of 10% correction in Indian markets in 2024 due to outperformance in past year
- Does not foresee crash (>25% decline) as valuations not excessive and historical imbalances corrected
- Expects India to structurally become current account surplus by late 2023, reducing economic fragility
- Sees recovery in private capex cycle given reforms leading to sharp rise in corporate profitability
- Top stock picks ICICI Bank, Kotak Bank, Bajaj Auto, Cipla, Delhivery, Equitas, AngelOne, Policy Bazaar, Exide, Petronet