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Dalal Street bullish about stock market prospects

CNN-IBN
Nov 15, 2007 at 01:00am IST

Mumbai: Where do we go from here? That's the question you must be pondering over if you are an investor in India's stock market or other equity-related instruments.

There may be talk of a sharp correction in the market and pessimism about India's growth story elsewhere, but the Dalal Street is still bullish.

According to a Network18 survey among 23 brokerage firms, including domestic and foreign houses and even some hedge funds in Mumbai, more than half of the respondents feel the market is headed to new highs.

ON A HIGH: Most brokerage houses see a further 5 to 10 per cent upside in Sensex.

Network18 conducted a snap poll at a time when the markets were witnessing see-saw movements and they seem to be in a hurry to return to record highs.

About 30 per cent of the respondents in the poll felt the correction is over, an equal number say it is not. About 53 per cent of the respondents also see a further upside of 5 to 10 per cent.

As for year-end target for the Sensex, more than half of the respondents see it to be over 20,000, while 35 per cent keep the target between 19,000 to 20,000.

A vast majority have also felt that political risks have been diminished while another majority feel that liquidity shall be the biggest force driving the markets.

Brief Summary of CNBC-TV18 Poll

52% feel the market is headed to new highs

30% feel the correction is over,

30% say the correction is not over

53% see a further upside of 5-10%

52% see year-end Sensex target of over 20,000

35% see year-end Sensex target of 19,000-20,000

83% feel that political risk has diminished

76% feel liquidity will be the main driver of the market

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