Mumbai: India's capital markets on Friday broke all previous records with benchmark Sensex and broader Nifty peaking to an all-time highs of 31,000 and 9,600 marks respectively.
"The S&P BSE Sensex is up more than 16 per cent so far in the year 2017 while Nifty50 rallied a little over 17 per cent in the same period," a report on moneycontrol.com said.
The report cites latest analyst estimates that point out that the ongoing rally in markets will continue and a subsequent massive climb will drag up Sensex towards 100,000 mark and Nifty at 22,000 to 38,000 in next five or seven years.
It adds that certain assumptions surrounding performance of India's capital markets project that major indices will ascent up to 100,000 and 38,000.
“We are working with a target of 20,000-22,000 on Nifty by 2022-2024. Government policy and reforms initiated by the Modi government would normally take 5-6 years to give results," moneycontrol.com quoted A K Prabhakar, Head - Research at IDBI Capital as saying.
Prabhakar added, "With introduction of GST, government focus on Make in India, ease of doing business, cleaning of bank assets, making India digitial, financial inclusion, cashless economy for which demonetisation implemented all would pave way."