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Goldman Sachs upgraded India to "overweight" from "neutral", reversing its October 2024 downgrade, citing strengthening earnings momentum and policy tailwinds supporting growth.

The global brokerage has set a 2026 year-end target of 29,000 for the benchmark index Nifty 50, implying a 14% upside from Friday's close.

The index has risen about 8.5% year-to-date, lagging other emerging markets in one of their strongest years.

However, analysts led by Sunil Koul said the "year-long earnings downgrade cycle" has bottomed out, paving the way for recovery.

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Goldman cited a combination of growth-supportive policies, including rate cuts by the Reserve Bank of India, liquidity easing, bank deregulation, goods and services

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