Bank of America has revealed its year-end price target for India's Nifty index, forecasting that it will reach 20,500 points by December 2023. The Nifty 50 benchmark index is composed of the market capitalization-weighted average of 50 of the largest Indian companies. The Wall Street bank's price target points towards a 4.5% upside from its current level of 19,625. The index has risen by 8.3% this year. Bank of America said the change in outlook from its U.S.
Bank as its top pick among Indian banking stocks and expects shares of the lender to rise by 40% to 1,350 Indian rupees . Bank 's shares are also traded on the New York Stock Exchange. This comes after the Indian lender reported deposit growth accelerated by 18% year-on-year in its latest financial year quarter, which helped sustain strong domestic loan growth of 21% year-on-year. The Wall Street bank said the Indian lender's asset quality remains robust and margins have experienced only minor declines despite higher funding costs.
BANK-IN 1Y line — CNBC's Michael Bloom contributed to this report.
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