Goldman Sachs projects Nifty 29,000 by 2026 with 14% upside

The Indian stock market is expected to perform better in the coming year, with Nifty likely to touch a new high of 29,000 by the end of 2026, showing an upside of 14 per cent, according to areport by Goldman Sachs.

- TBG NETWORK

The report noted that Indian equities have been modestly up by 3 per cent in USD terms this year, while emerging markets (EM) overall have gained around 30 per cent.This underperformance, the largest in the past two decades, was caused by amix of high starting valuations and expectations of slower growth and profits. These factors led Goldman Sachs to downgrade its outlook on India in October last year.It stated, «We expect NIFTY to reach 29000 by end-2026, implying 14 per cent upside from current levels.»As the year progressed, earnings downgrades continued, and tariff headwinds dampened investor sentiment, leading to large foreign outflows from Indian markets. However, the report