Capital gains tax hike can impact valuation, little upside left in Nifty: Nomura

Investors’ faith fueled Dalal Street’s high valuation multiples, but Nomura cautioned on potential headwinds if domestic equity flows drop due to tax hikes. Nomura’s 2024 Nifty target sees little upside. Key stock picks include SBI, ICICI Bank, and others. Sectors like housing, cement, and solar energy may benefit from budgetary changes.

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