Nomura sets Nifty target of 29,300 for 2026

Nomura sets Nifty target of 29,300 for 2026-end; Highlights 20 top picks for the year ICICI Bank, Infosys, Bajaj Finance are among the 20 stock picks that Nomura has highlighted as part of its India strategy, which has projected a Nifty 50 target of 29,300. By Hormaz Fatakia Brokerage firm Nomura has set a Nifty target of 29,300 for the end of 2026 in its latest note on Tuesday, December 2. The Nifty target implies a potential upside of 12% from Monday's closing levels for the index. Nomura has cited four factors that give it comfort when it comes to Indian equities and which lead them to their latest Nifty target. The four factors include a calmer world, cyclical economic and earnings growth recovery, favorable policy moves to support growth and structural issue, and a moderation in relative valuations. "We further expect policies to support domestic growth with a focus on self-reliance and efforts that seek to address structural issues," Nomura's Saion Mukherjee wrote in his note. The brokerage said that domestic flows have remained resilience and these domestic flows, coupled with high valuations have crowded out FIIs in the recent past. "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," the note added. The geopolitical, economic, and technological landscape remaining unsettled amidst unprecedented moves by governments, policymakers, central banks and tech companies are some key downside risks to Nomura's estimates. A rise in risk premium, substantial global slowdown and a flare up in commodity prices can also present downside risks, as per Nomura. Here are the top picks highlighted by Nomura in its list: ICICI Bank Infosys Bajaj Finance Mahindra & Mahindra Axis Bank Titan UltraTech Godrej Consumer Products LG Electronics India CG Power Dr. Reddy's Laboratories Ashok Leyland Dixon Technologies Swiggy Alkem Laboratories Mahindra & Mahindra Financial Services Sona BLW Eclerx Aditya Birla Real Estate Medplus Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!