Markets firmly in bull run; Sensex likely to hit 35000 by next Diwali: ET Now poll

NEW DELHI: After registering a rally of over 25 per cent so far in the year 2014 and nearly 27 per cent from the last Samvat year 2070, analysts are little cautious and see modest returns of over 20 per cent for the next Samvat year 2071.

Samvat is the Hindu New Year. It is considered auspicious to start something on this date and for the same reason, many traders in the stock market too make token purchase of shares.

Analysts at top brokerage firms firmly believe that we are in a bull market and the Sensex is on track to hit the levels above 30000-35000 by next Diwali or Samvat year and the Nifty is likely to see a level above 8500 in the next 12 months.

According to an ET Now survey of 15 brokerage firms, 33 per cent of respondents are of the view that the Sensex could see the levels above 35000 by next Diwali, while 50 per cent see the index trading in the range of 30000-35000. Only 17 per cent of the respondents see the index hovering in the range of 26000-30000.

For the Nifty, 80 per cent of the respondents surveyed by ET Now see the index trading above 8500 levels by next Diwali, while 13 per cent see the index hovering in the range of 8000-8500. Only 7 per cent of the respondents see the index moving in the range of 7500-8000.

Sectors which are likely to remain under pressure include names like PSU Banks, industrials, metal and utilities.