Archive · 27 Aug 2026
Emkay Global strategist sees Nifty reaching 29,000 by March 2027
Seshadri Sen believes Indian shares could rise significantly by March 2027.
He expects the Nifty index to reach 29,000.
His view is based on strong consumer demand and continued government spending on projects.
He also says Indian stock valuations have become more reasonable.
Sen prefers areas such as cars, shopping, construction equipment, internet companies and property.
He thinks economic growth could stay above 6.5% while inflation remains below 4.5%.
Higher oil prices could make inflation worse and put pressure on interest rates.
High US bond yields could also affect India’s currency and reduce room for easier monetary policy.
Sen does not recommend avoiding technology stocks but says investors should choose them selectively.
Seshadri Sen of Emkay Global retained a Nifty target of 29,000 for March 2027.
He said strong consumption, stabilising capital expenditure and moderated valuations support his bullish outlook.
Sen is overweight on autos, discretionary consumption, capital goods, internet and real estate.
He expects FY27 growth above 6.5%, with inflation below 4.5% in his base case.
Elevated crude prices and persistently high US bond yields are the main risks to Indian markets.
- Who
- Seshadri Sen, Head of Research and Strategist at Emkay Global Financial Services.
- What
- Sen retained a target of 29,000 for the Nifty by March 2027 and outlined his preferred sectors and market risks.
- When
- The forecast is for March 2027; Sen discussed it after the Q1 earnings season.
- Where
- The outlook concerns Indian equity markets.
- Why
- He cited resilient consumption, a stabilising capex cycle, moderated valuations and expected FY27 earnings growth.
Bullish case
Risks and constraints
Market direction
Bullish case
Sen remains bullish and expects the Nifty to reach 29,000 by March 2027, supported by demand, capex and earnings growth.
Risks and constraints
Higher crude prices could increase inflation, pressure the current account deficit and complicate interest-rate decisions.
Economic outlook
Bullish case
Consumption is holding up across staples and discretionary categories, while government spending on railways, power and defence is supporting the capex cycle.
Risks and constraints
Persistently strong US bond yields could pressure the rupee, constrain the Reserve Bank of India’s policy flexibility and increase financial-market risks.
Technology stocks
Bullish case
Sen says pessimism about artificial intelligence severely damaging traditional IT services has been overstated, and valuations are more comfortable.
Risks and constraints
He expects near-term technology performance to depend more on valuation and sentiment than earnings, advising caution toward high-growth small- and mid-cap technology stocks at elevated valuations.
- Nifty target
- 29,000 by March 2027
- FY27 growth outlook
- Above 6.5% in Sen’s base case
- FY27 inflation outlook
- Below 4.5% in Sen’s base case
- Expected FY27 EPS growth
- 15%
- Preferred sectors
- Autos, discretionary consumption, capital goods, internet and real estate
- Main market risk
- Brent crude remaining near $95-$100 per barrel
- Technology view
- Neutral overall; selective buying based on valuation