New Delhi, Feb. 21 -- With the Nifty50 declining 16 per cent from its peak in September 2024, global brokerage Nomura has projected the index to reach 23,784 by the end of 2025. The Japanese brokerage expects the Nifty to trade within a range of 21,800-25,700, implying a potential downside of 5 per cent on the lower end and an upside of 12 per cent on the upper limit.

Nomura has factored in a valuation range of 17-20 times one-year-forward earnings for the Nifty50, suggesting that the index may gravitate toward the lower end of this range. The brokerage attributed the recent six-month market correction, including a 23 per cent drop in small caps and a 21 per cent decline in midcaps, to market fatigue following a prolonged rally that had ...