As Dalal Street and global stock markets reel under the impact of a prolonged Iran-US war, skyrocketing oil prices and mega El Nino year, Prabhudas Lilladher trimmed its Nifty 50 target to 26,449, noting that markets are unlikely to significantly correct further and breach recent lows, although prolonged uncertainty could add to sharp swings.
The domestic brokerage in its latest ‘Strategy’ report highlighted that Nifty has crashed more than 7% in the past two months and over 15% from its 52-week high as the raging war in the oil-rich Middle East disrupted global supply chains and pushed crude prices higher up. “Indian economy has not shown any brakes on the growth trajectory, but fissures have started showing up a bit in the wake of rising geopolitical risks and India’s foreign dependence, not only for crude but for essential like Fertilizers, rare earths, semiconductor and critical technologies,” it added.
