ICICI Direct projects that over a three-year horizon (FY21-24E) Nifty earnings could grow in excess of 20% CAGR while in FY22-24E, albeit on a high base, earnings CAGR is at close to 14%. “Rolling over our valuations to FY24E and trimming our forward PE valuation multiples amid rising rate hike scenario we now value the Nifty at 18,700 i.e. 20x PE on FY24E EPS of Rs 935,” the brokerage firm said. The corresponding target for BSE Sensex is at 62,300. “As structural bets, we like capex linked capital goods, commercial vehicle space, and PLI oriented domestic
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