Nifty to gain 10% in 12-months, upgrades Indian mkt to overweight: Goldman

Foreign institutional investors (FIIs) have pumped in $5.5 billion into Indian markets in the past one month

Goldman Sachs expects the benchmark Nifty 50 index to touch 12,500 in the next 12 months. The target implies nearly 10 per cent upside from the current levels. Already, India’s benchmark indices have rallied 8 per cent from their 2019 lows touched on February 19.

The US-based brokerage has upgraded the Indian market from ‘marketweight’ to ‘overweight (OW)’.  Goldman Sachs had downgraded the Indian markets in September citing rich valuations amid macro, earnings and political risks.

“We raise it back to OW given sharp underperformance in January and February, better December quarter earnings and a pick-up in FII positioning from