Nifty could reach 29,300 by 2026, says Nomura

Business Dec 03, 2025

Nomura thinks the Nifty index might climb 13% to hit 29,300 by 2026.
Their optimism comes after Nifty closed at 26,032.20 on December 2, and is based on hopes for steady geopolitics and a bounce-back in company profits and the economy.

How India's market stacks up—and where Nomura sees opportunity

Nomura points out that Indian markets have lagged behind global ones over the past year or so, but this has brought valuations back to normal levels.
Right now, the valuation premium is now aligned to historical averages.
For those eyeing investments, Nomura's top picks include ICICI Bank, Infosys, and Bajaj Finance—plus Mahindra & Mahindra and Axis Bank.
Other big names like Goldman Sachs and HSBC also expect gains of 12% and 10% for Indian stocks in 2026.