Nomura sets 2026 Nifty target at 29,300, sees 13% upside ahead

Mumbai: Nomura has set its price target for the Nifty for 2026 at 29,300, implying an upside of close to 13% from the index’s Tuesday closing level. ICICI Bank, Infosys, Bajaj Finance, Mahindra & Mahindra, Axis Bank, Titan, Ultratech Cement, Godrej Consumer Products, LG Electronics, CG Power, Swiggy, Dr Reddy’s, Dixon Technologies, Alkem, Mahindra Finance, Sona Comstar, eClerx, Aditya Birla Real Estate and MedPlus are its top picks.

“A positive view on valuation is now underpinned by calmer geopolitics, stable macros, and a cyclical recovery in economic and corporate earnings growth,” said Nomura in a client note. “Furthermore, the Indian equity markets have underperformed most global markets over the past 14 months, and thus the valuation premium is now aligned to historical averages.”

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29,300 target on valuation comfort, stable macros

The Nifty on Tuesday closed at 26,032.20, down 144 points, or 0.6%.

Nomura is the latest among a handful of global brokerages, such as Goldman Sachs and HSBC, which have forecasted 12% and 10% gains in the Nifty and Sensex in 2026.

The brokerage said it does not anticipate a surge in foreign portfolio inflows, but they can improve at the margin in 2026.

“In case there is a moderation in global rally and AI trade, FII interest is likely to improve as valuation premium is now in line with the long-term average,” said Nomura.

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