On the export front, the firm has upgraded the IT sector to overweight (OW) and the pharmaceutical sector to marketweight (MW), citing benefits from stable or improving global demand, earnings-per-share (EPS) tailwinds driven by a weaker Rupee (INR), and their defensive characteristics.
That said, analysts at Goldman Sachs believe the near-term outlook for Indian equities remains cautious.
The firm identifies major growth potential in sectors such as housing, agriculture, defense, tourism, and the rapidly growing segment of affluent consumers, which it believes will drive the next phase of economic expansion in India.
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