Goldman Sachs expects Nifty to scale 13,000-mark by December 2020

While the outlook generally is positive for 2020, there are two key risks that could weigh on the performance

Goldman Sachs expects the benchmark Nifty to climb to 13,000 by the end of next year. This implies a less-than-8 per cent upside from its current levels. 

The index on Tuesday ended at 11,994. While the brokerage is forecasting corporate earnings to grow 16 per cent in 2020, below the consensus estimate of 20 per cent, the upside in stocks will be lower as the bulk of growth expectations have already been factored in.

“The performance in 2019 has been pretty good against the backdrop of soft profit growth. So we've kind of borrowed from the potential performance in 2020,”