MUMBAI: Indian stock indices may struggle to make gains in the next few months as the budget failed to offer clarity on any immediate revival of the economy and reversal of the deteriorating consumer sentiment, according to participants in an ET poll.

The likely change in minimum public shareholding norms is also expected to be an overhang on companies in the near term.

Moreover, the helpline provided for high-quality, pooled assets of nonbanking finance companies (NBFCs) may not be enough to ease the sector’s liquidity woes, the respondents said.

An ET poll of 20 money managers and heads of research at domestic brokerages showed that the Nifty is likely to see limited upside or could possibly drift lower by Diwali.

About 27 per cent see the Nifty at 12,000-12,500, which would mean an upside of 2-6 per cent from current levels.

Another 18 per cent see it at 11,500-12,000 points and 27 per cent at 11,200-11,500, which would translate into a downside of 2-5 per cent.

Only 10 per cent of the poll respondents see the Nifty above 13,000 by Diwali while 18 per cent see the index at 12,500-13,000 points.