Global investment bank Goldman Sachs has upgraded Indian equities to ‘Overweight’, reversing its October 2024 downgrade after what it described as India’s worst relative underperformance in two decades. However, the reversal rests not merely on the prospect of catch-up after a year of heavy foreign outflows and earnings downgrades, but also on renewed macro-economic and corporate strength.

India, the laggard of emerging markets in 2025, is now likely to re-emerge as one of the most resilient growth stories, with Nifty 50 expected to hit 29,000 by end-2026.

Backbone of India upgrade: Macro and corporate strength, not just a catch-up trade

In its latest EM Equity Strategy report, “Leaning In as Growth Revives; Raising India back to Overweight,” Goldman said that India’s comeback res

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