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Nomura has maintained a positive stance on Indian markets and financial stocks, saying that inflation across sectors is close to post-global financial crisis lows.
It said with disinflation trends running deep, the market will further recalibrate its rate expectations lower.
Nomura said that the BSE Sensex is trading at 7% premium to its five-year average, which is not expensive.
The 30-shares index is trading at 14.1 times of one-year forward earnings, Reuters data shows.
Nomura maintained its August-end 2015 Sensex target at 30,310.
