Goldman Sachs upgrades Indian equities to overweight; sees 11% upside to Nifty
Goldman Sachs thinks that the investment case for India has improved after initially lowering India to marketweight in April on concerns of nationwide shutdown
The broker expects corporate profits to rebound 27% next year and a further 21% in 2022
MUMBAI: Goldman Sachs has raised Indian equities to overweight on hopes that earnings recovery will lead rally. Goldman Sachs were structural bulls on India but had lowered India to marketweight in April on concerns of nationwide shutdown, rising pandemic cases and expectations of a significant contraction in domestic activity in the absence of fiscal space.