Nomura downgrades India, recommends a switch to these markets; Check new Nifty target

Brokerage firm Nomura has joined the likes of Goldman Sachs and UBS in downgrading Indian equities in its latest note on Thursday, April 2.

The brokerage has downgraded India to "neutral" from its earlier rating of "overweight" and has also cut its Nifty 50 target for December 2026 to 24,500 from 29,300 earlier.

"Our India strategy team has set the end-2026 Nifty target at 24,900 as its base case, which assumes a 7.5% reduction in earnings estimates and a 10% to 15% risk to consensus earnings, should oil prices stay elevated," Nomura's note said.

Nomura is also of the opinion that with subdued market returns, they are concerned that the incremental domestic participation may moderate, thereby undermining the crucial lever of market support.

This is breaking news and will be updated with more.