Nomura sees Nifty hitting 12,900 by March 2020, up 11% from current levels

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

Global financial services major Nomura has pencilled in a double-digit gain for Indian markets by the end of the financial year. The target for the National Stock Exchange's Nifty index is 12,900, an 11 per cent gain from current levels.

"Portfolios geared away from consumption, which is facing a slowdown,  and towards a pick-up in the investment cycle may benefit," said Saion Mukherjee, managing director and head of India equity research at Nomura, speaking at a media roundtable in Mumbai on Tuesday.

This would have the broader market valued at 17 times estimated earnings for 2020-21. Returns are more likely to come