Our 2024 year-end Nifty target of 24,000 imputes an 11% return for the benchmark, while we expect SMIDs to outperform. Our model portfolio focuses on large-/mid-caps and we are UW on Financials and OW on Consumer Discretionary. Key themes for 2024 are rate cuts, the budget and reform, and probable revival in mass segment spending. Earnings growth should continue in the mid-teens with rising ROEs. SMID earnings growth should exceed the Nifty and drive further outperformance.
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