From an earlier target of 37,300 for June 2021, Morgan Stanley has now revised its target for the Sensex to 50,000 by December 2021. As they now feel that the coming growth cycle has not been fully priced in, thus having more upside to the index.

According to a note made by Morgan Stanley, they feel that they remain in a bull market that started in March. Even though one should expect corrections along the way, the equity market may have more legs before it tops out. Thus they had raised EPS estimates and index targets. They believe that it has an overweight rating in India.

Earlier, Goldman had raised Indian equities to overweight and had upgraded the Nifty target to 14,100 by 2021-end. Similarly, Nomura had also increased its 2021-end target of the Nifty to 13,640.