BROKERAGE RADAR | GOLDMAN SACHS ON ELECTIONS RESULT: SUNIL KOUL

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• Buy the weakness; Strong Earnings delivery to drive returns

• Expect mid term 12m returns, expect NIFTY to reach 26,000 by end-June 2025

• Expect 15% earnings CAGR in 2024/25

• Valuations aren't inexpensive at 22x PE

• Expect foreign flows to return

• Continue to favor domestic sectors

• Upgrade staples from underweight to neutral on likely rural support

• Lower utilities to neutral on rich valuations

• Stay overweight autos, industrials, telcos and insurance

• SMID remain vulnerable given high valuations and increasing regulatory scrutiny


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