Indian Stock Market Gains; Ambit Capital Expects Sensex at 23000 in 12 Months

Ambit Capital has expressed bullish view about Indian stock market with 23000 as target for BSE Sensex in coming 12 months. Saurabh Mukherjea, Head Equities, Ambit Capital said during an interview to CNBC TV18 that he expects markets to move higher. The current results are an indication of bottoming out of the earnings for Indian majors. He expects Indian markets to outperform other emerging markets.

Indian stock market was trading higher on Monday. BSE Sensex was up by 92 points at 18774 and NSE Nifty was trading higher by 22 points at 12.02 PM IST.

Among majors gainers were TCS, ICICI Bank, Mahindra & Mahindra and NTPC. Bank of Baroda, Ambuja Cements, ITC and Jindal Steel were among major losers in today’s trading session.

TCS management has expressed satisfaction over the current market condition. The outlook for the upcoming quarters is positive and the stock has been performing well on the bourses.

If the government pushes forward with reforms agenda, the investment climate in India can improve. The country faced rating downgrade from major rating agencies including S&P. If the UPA government is successful in reducing the current account deficit, the markets may look up in medium term.