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Last Updated : Jan 10, 2017 12:01 PM IST | Source: CNBC-TV18

Market likely to be rangebound, holds Sensex target of 30K: Citi

Surendra Goyal of Citi says the market is likely to be rangebound till some clarity emerges. He maintains September 2017 target of 30,000 on the Sensex.


Surendra Goyal of Citi says the market is likely to be rangebound till some clarity emerges. He maintains September 2017 target of 30,000 on the Sensex.


He says there is significant impact of demonetisation in the near term but interactions suggest things improved towards end-December. He expects multi-speed recovery.


According to him, the timeline for implementation of goods & services tax will likely move from April to July/September 2017 as some issues yet to reach consensus.

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Goyal says UP Elections will be keenly watched given the debate and divided public view on demonetisation while in Union Budget, lower personal taxes and higher rural spending are likely.


He feels strong US dollar is likely to be a challenge for emerging markets flows and India's correlation to USD is negative. Domestic flows remain strong.


Key overweights are private sector banks, pharma and industrials while key underweights are materials, IT and consumer staples, Goyal says.



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First Published on Jan 10, 2017 10:43 am
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