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The market is set to witness highest-ever foreign institutional investor (FII) flows in January led by improvement in investor sentiment globally and action from the government to improve the macroeconomic conditions.
With just two trading sessions left this month, overseas investment into Indian stocks is already at a record $3.6 billion (Rs 19,715 crore), surpassing the previous best January inflows of $2.18 billion seen last year.
Analysts believe foreign flows into the Indian market will continue to remain healthy as global risk appetite of investors is rising and government action is likely to bring down the fiscal deficit and improve economic growth.
Interestingly, foreign investors have been net buyers on all the twenty trading sessions this month, averaging nearly $150 million (Rs 1,000 crore) every day.
JPMorgan's Chief Strategist tells why investors should keep buying stocks and shares his four-year forecast for the S&P and Dow.
FROM CNBC
The Dow Jones Industrial Average could peak as high as 20,000 four years from now, JPMorgan Chief U.S. Equity Strategist Thomas Lee told CNBC on Monday. He predicted "2,400 [or] 2,500" as the top for the S&P 500 Index in a similar time frame.
Making his bullish case, Lee pointed out in a "Squawk Box" interview that the market has been able to reach multi-year highs, despite investor reluctance to be over-weight equities.
On Friday, the S&P closed above 1,500 for the first time since Dec. 10, 2007. The Dow finished at its highest level since Oct. 31, 2007.
"There's a lot of reasons investors are sort of fighting the tape," Lee said. "There are still a lot of memories of '08. We still have a taint on owning stocks."
But he believes that will continue to fade and the stock market could top out "around 18, 19, 20,000 Dow … that's obviously 4 years away."
Lee explained the math behind that prediction. "We're at $100 of S&P earnings. … [But] the cycle peak in earnings is closer to $150. That really follows the historical pattern of S&P profit cycles."
He added, "Mid-cycle S&P multiples are at 17 [times earnings]. We're at 13 or 12 and a half."
"If you put a 17 multiple on $150, the S&P really sort of peaks around 2,400 [or] 2,500" on a time horizon similar to the Dow's top, Lee concluded.
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