American brokerage Goldman Sachs on Tuesday upgraded the country to ‘overweight’ on reducing external vulnerabilities and said it expects the Nifty to touch 7,600 points this year.
The upgrade comes after the domestic markets scaled lifetime highs. ‘We upgrade India to overweight... The cyclical macro adjustments in the country have reduced the external vulnerabilities. We now expect domestic fundamentals to improve as growth recovers in Q2,’ it said.
It said ONGC, Coal India, ICICI Bank and L&T will be among the stocks to benefit from the elections and advised clients to watch out for stocks which gain from the elections, which it termed as an ‘important domestic catalyst’.
‘Upcoming parliamentary elections in April could have an important impact on reform progress...Our analysis of past election moves, valuation and flows suggests the country may have more room for a pre-election rally,’ the Wall Street giant said.
The upgrade comes after the domestic markets scaled lifetime highs. ‘We upgrade India to overweight... The cyclical macro adjustments in the country have reduced the external vulnerabilities. We now expect domestic fundamentals to improve as growth recovers in Q2,’ it said.
It said ONGC, Coal India, ICICI Bank and L&T will be among the stocks to benefit from the elections and advised clients to watch out for stocks which gain from the elections, which it termed as an ‘important domestic catalyst’.
‘Upcoming parliamentary elections in April could have an important impact on reform progress...Our analysis of past election moves, valuation and flows suggests the country may have more room for a pre-election rally,’ the Wall Street giant said.