Nifty 50 index may deliver worst return in seven years, says BofA Securities
1 min read 21 Mar 2023, 11:28 AM ISTNifty 50 index will remain flat this year, which would be its worst performance in seven years, believes BofA Securities
PremiumIndia's blue-chip Nifty 50 index will remain flat this year, which would be its worst performance in seven years, and underperform other emerging markets and debt, BofA Global Research said.
BofA cut its year-end target for the Nifty 50 by 8.3% to 18,000 points, expecting the index to be volatile and trade between 16,000 and 18,000 levels for the year.
After ushering in 2023, Nifty index has remained under sell off heat. In YTD time, Nifty 50 index has shed over 6.25 per cent whereas in last one month, it has tumbled from around17,825 to 17,055 levels, logging around 4.33 per cent dip in this time. In last six months, 50-stock index has fallen from around 17,720 to 17,055 levels, clocking near 3.75 per cent loss in this time. The index has given zero return in last one year as well as it has from around 17,120 to 17,055 levels in this time.
In YTD time, 30-stock index Sensex has shed over 5.25 per cent as it has fallen from around 61,165 to 57,935 levels, losing near 3,250 points in this time. In last one month, Sensex has corrected from around 60,675 to 57,935 levels, clocking near 2,725 points in this time. In last six months, Sensex has tumbled from around 59,450 to 57,935 levels, losing to the tune of 2.55 per cent. However, in last one year, Sensex has delivered more than 1.10 per cent return, generating alpha return against Nifty 50 index.
Similarly, Nifty Bank index has tumbled near 2.85 per cent in last one month whereas in YTD time, Nifty Bank index has tanked over 8.50 per cent. In last six months, it has lost more than 4 per cent. However, in last one year, it has risen to the tune of 9.70 per cent, generating alpha return against Nifty and Sensex.
(With inputs from Reuters)
