Nifty has given over 10% return in FY24 on a year-to-date basis, led by resilient domestic demand and $14 billion worth of net inflows by foreign institutional investors (FIIs). Prabhudas values Nifty at 12% discount to its 10-year average PE (20.8X) to arrive at a 12-month target of 21,430 in the base case scenario. In the bull case, the 50-stock index could scale 24,353, the brokerage noted.
