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Goldman Sachs retained its overweight rating on Indian markets on increased confidence in corporate earnings recovery. The global investment bank expects earnings to grow 14 percent this year and 18 percent next year.
Tracking earnings trajectory, Goldman Sachs raised its Nifty’s 12-month target to 10,400 from 10,000 earlier. “We expect banks to recover from a downgrade cycle with upgrades to next year earnings driven by better NIMs/operating efficiency,” said the report.
Moreover, Goldman Sachs recent earnings revision Lead Indicator suggests EPS revisions in India may turn positive in coming months.
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