New Delhi, March 4 -- With hopes of the ruling BJP government returning to power, leading to policy continuity and additional reforms in coming years, brokerage house Phillip Capital believes incremental equity returns can be made on buy-on-dips and sector rotation in FY25.

"We anticipate Nifty earnings in FY24/25/26 to grow by 19 percent/18 percent/13 percent; assigning 18.5x-19x PE, our Nifty target is 24,000-25,000 by March-September 2025. While the BJP coming back to power is widely anticipated, the mandate (if 400+ seats) will add to the equity market's performance in the medium term. Our sector preferences are automobiles, cement, metals, capital goods, and financials. For others, we will adopt a bottom-up approach in stock selecti...