Nifty To Hit 30,000 In 2026? Behind JPMorgan's Bull Case—Key Sectors And Stocks To Watch

India's benchmark Nifty 50 index is projected to trade between 26,500 and 30,000 over the next six to nine months, according to JPMorgan's Chief India Equity Strategist Rajiv Batra. The large-cap gauge remains nearly 1,300 points short of its all-time high of 26,216 achieved in September last year.

In terms of sectors, Batra is bullish on Financials, Consumer Staples, Consumer Discretionary (excluding Autos), Materials, Hospitals, Real Estate and Power. He is underweight on IT, Pharma and Autos counters.

Indian companies reported a largely in-line first quarter, with high single-digit earnings growth amid global headwinds and muted domestic macroeconomic conditions. The revenue and net profit growth of MSCI India companies was 9% year-on-year, Batra said in a note.

A key highlight of the quarter was that there were higher estimate beats than misses and better sectoral breadth of earnings growth. "Corporates remain cautiously optimistic about FY26 and earnings revision breadth is much better than feared," he said.

Rajiv Batra said the proposed GST rationalisation will significantly boost domestic demand, providing crucial support to the Indian economy amidst challenges posed by US tariffs. Additionally, income tax cuts, lower inflation, policy rate easing, good monsoon and festive demand will lead to a further recovery in growth in the second half of the current financial year.