Goldman Sachs has raised India to overweight in its regional market allocations. It expects NSE Nifty50 to reach 21,800 by end-2024 amid the tough global backdrop and political uncertainty driven by elections next year. Here are 4 charts that give you insights.

According to the Goldman Sachs report, India’s bell-weather index Nifty can reach 21800 from the current level of 19780 on the back of positive outlook for the economy.

Rate cuts are expected across markets, while policy rates might still continue to remain high.

Compared to consensus estimates, Goldman Sachs see higher growth in defensive and financials sectors, while lower growth in capex and commodity sensitive sectors

Considering sensitivity measures such as correlation and t-stat, Indian equities appear less sensitive to lower growth shown by China compared to other Asian markets