Global brokerage HSBC expects India’s benchmark BSE Sensex to rise about 10% by the end of 2026, setting a target of 94,000 for the 30-share index and noting that Indian equities currently offer better value than Chinese markets. This outlook comes even as Indian stocks have trailed other Asian and emerging market peers this year, pressured by softer corporate earnings, elevated valuations and heavy foreign selling.

Foreign portfolio investors have offloaded $16.8 billion worth of Indian equities so far in 2025, putting the market on course for a record year of outflows, though the selling has moderated since October as earnings improved. Despite the outflows, both the Nifty and Sensex are up about 10% year to date and were trading roughly 0.6% below their September 2024 record highs on T

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