Brokerage firm Morgan Stanley expects the Sensex index to gain 13% from current levels to reach levels of 95,000 until December 2026.

In its note on Tuesday, November 18, Morgan Stanley said that it has assigned a 50% probability for the above base case to play out over the next 12 months.

The Sensex target means that the index will have a trailing price-to-earnings multiple of 23.5 times, which is ahead of the historical 25-year index average of 22 times.

Morgan Stanley believes that 2026 is likely to be a macro trade in stocks, which will be a transition from the stock-picking environment of 2025.

For its bull case, Morgan Stanley has assigned a target of 1,07,000 for the Sensex, which implies a potential upside of 26% from current levels. The brokerage said that India's long-term st

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