NDTV Profit reported that Rahul Arora, whom it identified as CEO of Ashika Equities, set a one-year target of 35,000 points for India’s Nifty 50, citing bank valuations as markets began Samvat 2083.
The National Stock Exchange of India (NSE) listed the Nifty 50 at 25,030.35 at the Nov. 6 close. On that basis, the 35,000 target is 39.8% higher, a calculation from the index reading. NDTV Profit described the target as close to 40% upside but did not identify the reference price for that description. The calculation uses the exchange close as its baseline.
The NSE had scheduled its special Diwali Muhurat session for Sunday, Nov. 8. The circular put the start of continuous trading at 3:50 a.m. ET (2:20 p.m. IST) and its end at 4:45 a.m. ET (3:15 p.m. IST). Non-CAS securities had a 5 a.m. ET (3:30 p.m. IST) close, while CAS securities were scheduled for a closing auction after continuous trading. NDTV Profit described the session as marking the start of Samvat 2083.
NDTV Profit also reported that Arora said the market could rise significantly if the BJP wins Uttar Pradesh’s upcoming election. The outlet said he referred to an emerging “anti-AI trade” that began about a week before the U.S. midterm elections.
The Nifty rose 8.6% and the Sensex gained 8.8% in the week through Nov. 6, their strongest weekly gains since February 2021, NDTV Profit reported. Those weekly returns cover the period through Nov. 6, while Arora’s target spans one year.
Separately, HDFC Securities Managing Director and CEO Dhuraj Relli described his outlook for the new Samvat year as “absolutely good,” according to NDTV Profit. Relli highlighted Maruti Suzuki, Tata Steel, Ambuja Cements and Adani Power among other opportunities. He also expected earnings to rebound at mid-cap and small-cap companies, the outlet reported.
