India’s Market Outlook Brightens: Goldman Sachs Upgrades to ‘Overweight’, Picks 14 Stocks for Next Rally

Updated: November 13, 2025 03:33

Image Source: Business Standard

Goldman Sachs has upgraded India to “Overweight,” projecting the Nifty50 to reach 29,000 by end-2026. The global brokerage identified 14 stocks—including Reliance Industries, Titan Company, Maruti Suzuki, and NTPC—as leaders of the next rally. The optimism is driven by consumption recovery, manufacturing expansion, and strong corporate earnings visibility.

Goldman Sachs Turns Bullish on India’s Equity Markets

Global investment bank Goldman Sachs has shifted its stance on Indian equities, upgrading the country to “Overweight” from “Neutral.” The firm expects India’s markets to outperform peers, citing structural reforms, resilient macro fundamentals, and robust earnings growth. This marks a reversal from its October 2024 downgrade, reflecting renewed confidence in India’s growth trajectory.

Key Highlights from the Upgrade:

Nifty50 Target Raised

Goldman Sachs projects the Nifty50 index to hit 29,000 by December 2026, implying a 14% upside from current levels.

14 Stocks Identified as Rally Leaders

The brokerage spotlighted Reliance Industries, Titan Company, Maruti Suzuki, NTPC, InterGlobe Aviation (IndiGo), Tech Mahindra, TCS, Infosys, Godrej Consumer Products, MakeMyTrip, Zomato parent Eternal, PTC Industries, HDFC Life, and Adani Enterprises.

These names span consumption, defence, energy transition, travel, and digital innovation, reflecting a broad-based growth outlook.

Consumption Recovery Theme

Companies like Titan and Godrej Consumer Products are expected to benefit from premiumisation trends and the shift from unorganised to branded players.

Manufacturing and Energy Transition

Picks such as NTPC and PTC Industries highlight India’s push toward renewable energy and defence manufacturing, aligning with government policy priorities.

Travel and Digital Innovation

IndiGo, MakeMyTrip, and Zomato parent Eternal are seen as beneficiaries of rising travel demand and digital adoption.

IT Sector Confidence

TCS, Infosys, and Tech Mahindra remain central to India’s global IT services leadership, with strong earnings visibility.

Macro Drivers

Goldman Sachs cited domestic investment momentum, policy tailwinds, and resilient consumption as key factors underpinning its bullish outlook.

This upgrade signals a strong vote of confidence in India’s equity markets, positioning them as a preferred destination for global capital in the coming years.

Sources: Economic Times, BusinessWorld

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