- Target: Nifty 50 could reach 30,000 by end-2026 (up ~15% from current ~26,205), supported by steady fiscal and monetary policy.
- Current Context: Nifty and Sensex slightly below record highs from Sept 2024; Nifty has gained ~11% in 2025 but still lags Asian and emerging-market peers.
- Macro Drivers: Tax cuts and expected RBI rate cuts (another 25 bps in Dec) likely to boost consumption, credit growth, and auto sales.
- Sector Preferences: J.P. Morgan favors domestic-facing sectors—materials, financials, consumer, hospitals, real estate, defence, power; underweight IT and pharma.
- U.S.-India Trade Angle: Likely removal of 25% U.S. tariffs on Indian goods could strengthen the rupee, attract foreign inflows, and support IT/pharma rebound.