Global investment bank HSBC has upgraded Indian equities to “overweight" from “neutral", saying that the index looks attractive on a regional basis after recent underperformance. The bank now expects the Sensex to reach 94,000 by the end of 2026, implying roughly a 15% upside from current levels, while maintaining its 2025-end target at 85,130.

The upgrade comes eight months after HSBC had downgraded Indian equities in January, when concerns over slowing growth and high valuations had limited upside potential.

HSBC noted that US tariffs are unlikely to significantly affect the profits of most Indian listed companies. “In stark contrast to the crowded trades in Korea and Taiwan, India is Asia’s quiet corner. Although foreign funds have withdrawn significant amounts from India in the last

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