Nifty seen rising 12% in next 12 months; D-Mart, Apar Industries among 11 stocks to buy: PL

India’s benchmark Nifty has provided approximately 5% returns in the last two months due to domestic macro triggers and consistent foreign flows. According to Prabhudas Lilladher, the country is in a strong economic position with a strong GDP forecast for FY24, declining inflation, and an industrial capex revival. The brokerage believes the Nifty is undervalued and valued it at a 12% discount to historical 10-year average PE, with a twelve-month target of 21,013. Prabhudas Lilladher is overweight on auto, banks, IT services, capital goods, healthcare and underweight on metals, cement, consumer, oil and gas, and diversified financials.