New Delhi, Dec 25 : The Nifty 50 index is now trading at 23x FY24 and 20x FY25 consensus EPS, indicating limited upside potential in the next 12 months, says a report by HDFC Securities.

Rich index valuations leave little room for any upside potential, the report said.

Indian economic growth will continue to be led by investments rather than consumption in 2024 indicating growth in industrial, manufacturing, real estate and allied segments.