Nomura Saion Mukherjee

Nomura expects Indian markets to trade in the range of 20-22x one-year forward earnings, assuming risk premia remain low.

Nomura has maintained its Nifty target for March 2026 at 26,140, implying a modest upside of 4 per cent from current levels, based on a FY27F earnings per share (EPS) estimate of ₹1,245.

India's equity story hinges on consumption, selective midcap bets, and FII flows, while IT faces headwinds and banks offer steady value, says Mukherjee

Nomura's revised Nifty target is a modest 6 per cent higher from the current level of the index. BofA Securities, on the other hand, has not made any change to its year-end Nifty target

Nomura Nifty target: Nomura suggests investors stay highly "selective" and bet on stocks and/or sectors with relative valuation comfort

As corporate capex picks up, it expects the Indian corporate sector to sustain 12 - 17 per cent earnings growth in the medium-term

Sticky inflation and delay in rate cuts by the US Federal Reserve can emerge as a concern for the markets

He says that the market valuation premium over emerging market (EM) peers is around 70% versus the long-term average of nearly 40%

As the pandemic recedes and growth recovers, we may see inflationary pressures, says Mukherjee

India is relatively better than some other markets exposed to stuff like tourism, says Saion Mukherjee

Returns are more likely to come from specific firms which are poised to do well rather than a uniform, market-wide surge

SAION MUKHERJEE, head of India equity research at Nomura, tells Puneet Wadhwa that though it seems unlikely that just the current rupee depreciation can trigger a sell-off