Cyclicals will drive markets further up, say analysts
An analysis of the 12-month consensus target price of Nifty constituents on Bloomberg shows that cyclical stocks such Ambuja Cements BSE 4.02 %, Punjab National BankBSE 2.01 % (PNB), UltraTech cement BSE 0.78 %, State Bank of India BSE 2.96 % ( SBIBSE 2.96 %) and Hindalco BSE 4.40 % are trading 10-22% higher from their consensus target prices.
Sensex, Nifty closed on account of Good Friday
Indian markets rallied over 1.5 per cent on Thursday to snap a three-day losing streak as lenders such as ICICI Bank Ltd BSE 3.25 % surged on value buying and hopes of gains on bond portfolios after the central bank's biggest debt auction. The BSE Sensex gained 1.58 per cent and NSE Nifty rose 1.56 per cent.
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