Global brokerages turn more constructive on India, but Nifty targets remain wide apart

GreyOak summary

Global brokerages show mixed views on Indian equities, with HSBC upgrading India to Overweight and Citi raising its Nifty target to 28,000 by end-2027. While Goldman Sachs maintains a bullish 29,000 target, Bernstein cuts its forecast to 25,000 citing high valuations. The divergence stems from differing expectations on earnings growth, crude oil prices, and foreign capital rotation away from AI-heavy markets.