Nifty to Hit 24,500 by December 2024: BofA Securities

BofA Securities predicts that the Nifty index will reach 24,500 points by the end of 2024. This is based on the expectation that the government will continue its reform agenda.

Amish Shah, Head of India Research at BofA Securities, said if the government implements the long-awaited reforms, it could lead to sustainable economic growth and higher valuation multiples. He believes a stable government can make quick policy decisions, benefiting the markets.


Shah has been optimistic about the infrastructure sector for the past three years and thinks its growth could last up to a decade. He acknowledges that while some stocks have rallied, others may face challenges, but he remains positive about the overall market cycle. He sees potential in emerging sectors like data centres, semiconductors, biofuels, and green hydrogen.

Shah also believes private sector investment in capital expenditure (capex) has room to grow, especially as state-owned enterprises move towards greener operations. He envisions strong growth driven by government and private sector investment in infrastructure.

BofA Securities is also optimistic about financial, defence, and railway public sector unit (PSU) stocks. However, Shah advises caution in sectors like steel and power utilities, which might see corrections before further growth. The power sector, in particular, will need significant investment, and current stock prices may be ahead of actual progress.

Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.​​

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