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What is the story about?
Brokerage firm Goldman Sachs sees room for the Nifty 50 index to recover back to levels of 26,500, which is higher than its current record high of 26,373, by June 2027.
In its latest note on Saturday, July 11, Goldman Sachs said that India's outlook has improved in recent weeks, amidst lower commodity prices, a stabilized currency, resilient domestic growth, healthy earnings expectations for the second quarter, and a potential recovery in select domestic pockets.
"While renewed geopolitical tensions in West Asia may fuel near-term volatility, we see room for the Nifty to recover towards our June 2027 target of 26,500, implying a nearly 10% upside from current levels, following a 9% drawdown in H1," Goldman Sachs' Sunil Koul wrote in his note.
Goldman Sachs had downgraded India to "marketweight" on March 27 this year, a month into the Iran war, which had led to a significant jump in oil prices, and a sell-off across global equity markets. It had also cut its Nifty 50 target by 14.3% to 25,300 from 29,500 earlier.
Back then, it had mentioned that the market may not be fully pricing in the full extent of the earnings cuts, while also lowering the 2026 GDP growth forecast to 5.9%.
Structurally, Goldman Sachs remains bullish on defence and energy security within India.
Sectorally, it has upgraded its rating on Utilities to "overweight" and continues to remain bullish on banks, energy refiners, Technology, Media & Telecommunications (TMT), and defence.
On the flip side, it continues to have an "underweight" rating on exporters, downstream oil and it has also downgraded select materials to "underweight."
Goldman Sachs has identified 15 largecap stocks that could benefit from key themes and catalysts in the second half of the year. These are the 15 names:
In its latest note on Saturday, July 11, Goldman Sachs said that India's outlook has improved in recent weeks, amidst lower commodity prices, a stabilized currency, resilient domestic growth, healthy earnings expectations for the second quarter, and a potential recovery in select domestic pockets.
"While renewed geopolitical tensions in West Asia may fuel near-term volatility, we see room for the Nifty to recover towards our June 2027 target of 26,500, implying a nearly 10% upside from current levels, following a 9% drawdown in H1," Goldman Sachs' Sunil Koul wrote in his note.
Goldman Sachs Turning Constructive On India
Goldman Sachs had downgraded India to "marketweight" on March 27 this year, a month into the Iran war, which had led to a significant jump in oil prices, and a sell-off across global equity markets. It had also cut its Nifty 50 target by 14.3% to 25,300 from 29,500 earlier.
Back then, it had mentioned that the market may not be fully pricing in the full extent of the earnings cuts, while also lowering the 2026 GDP growth forecast to 5.9%.
What Is Goldman Sachs Betting On In India?
Structurally, Goldman Sachs remains bullish on defence and energy security within India.
Sectorally, it has upgraded its rating on Utilities to "overweight" and continues to remain bullish on banks, energy refiners, Technology, Media & Telecommunications (TMT), and defence.
On the flip side, it continues to have an "underweight" rating on exporters, downstream oil and it has also downgraded select materials to "underweight."
What Are Goldman Sachs' Top Picks In India?
Goldman Sachs has identified 15 largecap stocks that could benefit from key themes and catalysts in the second half of the year. These are the 15 names:
- Reliance Industries
- HDFC Bank
- Adani Enterprises
- Adani Power
- Kotak Mahindra Bank
- NTPC
- Hindustan Aeronautics
- Eternal
- Power Grid
- Adani Green Energy
- Interglobe Aviation
- HDFC Life Insurance
- Indian Hotels
- Mazagon Dock and
- MakeMyTrip
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