2026印度展望：当前宏观乐观；保持选择性-India Outlook 2026

ANCHOR REPORT Global Markets Research We set end-2026F Nifty target of 29,300, implying 12% return. The downside risks are global factors, including rise in risk premium, higher commodity prices, and trade deficit. The upside risks include a decisive pick up in the capex cycle. We recommend a selective bottom-up approach. We suggest that investors avoid narrative-driven richly valued stocks, consider increasing exposure to underperforming exporters, and be selective on segments with government intervention. ...