第一财经·2025-11-28 08:34Core Viewpoint - The Indian stock market is experiencing a resurgence, with both the Nifty 50 and Sensex indices reaching historical highs due to factors such as corporate earnings recovery, favorable fiscal and monetary policies, and positive economic outlooks [4][5][6]. Group 1: Market Performance - On November 27, the Nifty 50 index rose by 0.4% to 26,310.45 points, while the Sensex index increased by 0.5% to 86,055.86 points, marking a significant rebound [5]. - The market is expected to see nearly 7% economic growth in Q3 of this year, with an overall growth forecast of 6.8% for the fiscal year ending March 2026 [5]. Group 2: Factors Driving Growth - Key drivers for the stock market rebound include early signs of corporate earnings recovery, valuation corrections, and supportive fiscal and monetary policies [5][6]. - The Nifty index's 12-month forward P/E ratio is currently at 22.7, down from 23-25 a year ago, indicating a narrowing gap between corporate earnings and stock valuations [6]. Group 3: Institutional Insights - Goldman Sachs has upgraded its rating on the Indian stock market to "overweight," citing four main reasons: policy support, earnings recovery, low foreign investment positions, and defensive valuations [7][9]. - The report highlights that the Indian central bank has implemented several easing measures, including interest rate cuts and tax reductions, which are expected to stimulate economic growth and consumer spending [7]. Group 4: Future Projections - Goldman Sachs predicts that the Nifty 50 index will rise by 14% to 29,000 points by the end of 2026, with a focus on sectors related to domestic themes such as finance, consumer goods, and defense [9]. - JPMorgan also forecasts the Nifty 50 index could reach 30,000 points by the end of 2026, driven by anticipated interest rate cuts and improved domestic demand [10][11].