A survey conducted by PHD Research Bureau, the research arm of PHD Chamber of Commerce and Industry, found that 60 per cent of the investors in the stock market are optimistic about the continuation of current rally and expect more than 10 per cent returns in the short run from the current level.
Markets are expected to scale new highs of which BSE Sensex is expected to surpass 35,000 and NIFTY is expected to surpass 11,000 by the end of the year, according to the survey of investors. Sensex closed at 32,325.41 & NIFTY closed at 10,066.40 on August 4.
The quick survey is based on the 243 responses from the retail investors and HNIs.
According to the survey, majority (60 per cent) of the respondents said that the markets will rise by more than 10 per cent from the current level. 25 per cent of the respondents said that the markets will remain lackluster at the current level. 15 per cent of the respondents said that the markets will decline by 10 per cent.
Reacted on the survey, Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry said that the strong fundamentals of the economy such as low inflation, fiscal prudence, benign external sector conditions and strong outlook of the economy going forward are supporting the markets at this juncture.
However, stability of the inflation rate, international commodity prices such as crude oil, continuation of the pace of economic reforms and uptick in private investments would be crucial for a strong and sustained rally in the markets, he said.