Consensus price targets for Nifty50 companies signal greater upside

The current market rally has more steam left if consensus price targets for the Nifty components are any indication.

A study by domestic brokerage Motilal Oswal has looked at the average price target of 50 stocks by all analysts to arrive at a target for the Nifty. It works out to 19,717, implying a 12 per cent upside from the current levels.

Stocks in the private banking, oil and gas (mainly Reliance Industries), and the non-banking financial space are likely to contribute the most to this upside. Private banks alone will contribute 35 per cent, while 10 stocks will account