Posted 11/13/2023, 11:58:00 PM
Goldman Sachs Upgrades India to 'Overweight' on Strong Growth Outlook; Joins Brokers Seeing Opportunity in Domestic Demand
- Goldman Sachs upgrades India market to 'overweight' on strong growth prospects driven by domestic demand
- Joins other major brokerages like CLSA, Morgan Stanley, Nomura in upgrading India
- Expects India's GDP growth at 6.5% in 2023 and 6.3% in 2024
- Downgrades Chinese stocks traded in Hong Kong to 'marketweight' due to low earnings growth
- Sees India offering long-term growth opportunities with potential for mid-teens earnings growth
- Domestic-oriented growth to provide diverse alpha-generating investment themes
- Near-term uncertainties from state & general elections in 2024 may increase volatility