CLSA has set BSE SENSEX Target at 29000 for Dec-2016 with the following note,
Domestic flows continue to be key driver for the market. We expect US$15bn annual inflows from DIIs. A potential pull out by oil money is a risk to FII flows. This could be a significant pressure point given a large equity pipeline for 2016. Overall market and stock valuations are close to 10-year averages and appear attractive given that they reflect cycle-low earnings. Our December 2016 Sensex target is 29,000, implying 12% upside
