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Global brokerage HSBC on Wednesday, September 24, upgraded its rating on India to ‘overweight’ from ‘neutral’ earlier, setting a Sensex target of Rs 94,000 for 2026.

The brokerage believes that India's valuation is no longer a concern. Furthermore, government policies are also considered positive for the market. 

US tariffs will have little impact on the profits of most listed companies, the brokerage said.

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Although foreign funds have withdrawn significant amounts from India in the last 12 months, a period in which the market has seriously underperformed, local investors have remained resilient, according to the report.

"While earnings growth expectations can fall a little further, valuations are no longer a concern, as the government policy is becoming a positive factor for equities, and most foreign funds are lightly positioned," the global investment research firm said.

Foreign investors remained net sellers in Asia this year, which is typically unfavourable for regional stock markets.

"Valuations are elevated, but not excessive. However, with retail investors sitting on $22 trillion in cash, some of which is gradually being re-allocated to stocks, we expect Chinese equities to grind slowly higher," HSBC stated.

In Japan, Korea, and Taiwan, investors are interested in playing AI through these markets, especially in Korea and Taiwan, which are now very crowded trades.

Valuations have run up, and in Japan, the weaker Yen has also supported equities.

Corporate governance is a positive long-term theme in Japan and Korea, but it won't carry markets on its own. After the recent run-up in equities, we downgraded Korea to underweight in mid-August.

"Meanwhile, ASEAN's investor confidence is low. Politics dominates the headlines in Thailand and Indonesia; for the latter, fiscal prudence is on the radar screen after a cabinet reshuffle," the investment research firm said.

Zee Business Managing Editor Anil Singhvi explains how global brokerage house HSBC has changed its outlook on India and why the Sensex could reach 94,000 by 2026. 

Markets

Nifty fell for the third consecutive day and closed at a one-week low of 25084.

Both Nifty and Bank Nifty continuously made lower high, lower low, which is a sign of weakness.

Nifty closed below its opening level for the fourth consecutive day.

Even though Bank Nifty closed above yesterday's high and opening level, it failed to move above 100 DMA (55676) for the last three days.

Midcap and smallcap indices are at one-week lows.

FIIs and DIIs

FIIs' long position in index futures stands at just 13.79%.

His stance on stock futures is unclear. Since September 5th, he has been showing a buying trend on one day and selling on the other.

After selling for two consecutive days, FIIs bought stock futures worth Rs 786 crore yesterday.

Global Big Data

US markets are showing strength. The Dow Jones and S&P 500 set new intraday highs.

In the commodity market, gold and silver are trading strongly higher. Gold reached a new intraday high of ₹114,100 ($3,825) and silver reached a new intraday high of ₹135,700.

Gold has become costlier by Rs 5,000 in just three days and by about Rs 14,000 so far this month.

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