While Nomura has increased the target for the Sensex to 30,310 by August, 2015, Deutsche Bank and BNP Paribas expect the BSE benchmark to hit 28,000 by December this year.
Some are going beyond the current financial year to build an air of optimism.
Bank of America Merrill Lynch expects the markets to double in four years, while Morgan Stanley expects Sensex to be at 50,000 by 2020.
If consensus estimates are to be believed, the sky, indeed, is the limit for Indian equity indices.
These estimates, aggregated forecasts by the investment community on where the markets could be heading, are supposed to reflect the collective wisdom of the market.
But there are some in the market who are questioning such bullishness that discounts the risks.
There are several factors that might put the brakes on the relentless rise in the benchmark indices, some analysts say.
While the momentum of earnings growth is one aspect, the other factor could be foreign institutional investors having hit ownership limits in several sectors and companies.
With foreign ownership at an all-time high of 22.5 per cent of the market and 46 per cent of free-float, there is enough room for discomfort, as FIIs are close to their permissible investment limits in sectors like cement, private banks, government banks, automobile firms and consumer goods companies.
Bank of America Merrill Lynch says the India overweight is at an all-time high for global emerging market funds and the consensus bullishness creates the biggest risk to markets.
Of the BSE-500 universe, 21 stocks are already out of bounds for FIIs, while 32 others have less than five per cent room for FII flows.
Some might argue that there are plenty of other stocks left to buy but FII interest in Indian equities remains largely restricted to the blue-chips.
In a September 2 report, Ambit Capital says: “With the crucial 7,950 resistance (for the Nifty)
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