1004 GMT - The longer-term structural appeal of Indian equities remains intact, Goldman Sachs strategists say. However, slowing economic growth is weighing on corporate profits, they say. "This led us to downgrade our view on Indian equities to neutral recently." A mix of high starting valuations, a less favorable external environment and soft domestic fundamentals leads GS to expect a range-bound market in the near term. It has a year-end target on the Nifty index that implies 13% upside, suggesting opportunity to re-engage if the market weakens further. GS favors domestic sectors with high earnings visibility, such as autos, telcos, insurance, real estate and internet. Its strategy focuses on quality, earnings and targeted medium-term themes like defense, tourism and agriculture. (fabiana.negrinochoa@wsj.com)
(END) Dow Jones Newswires
November 18, 2024 05:04 ET (10:04 GMT)
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