Nomura has struck a cautiously constructive tone on Indian equities for 2026, projecting a Nifty target of 29,300 -- about a 12 percent upside from current levels -- supported by calmer geopolitics, resilient macro indicators and a cyclical earnings recovery. The brokerage said India’s valuation premium has now normalised after 14 months of underperformance versus global markets, offering a more reasonable entry point for long-term investors while laying the foundation for a broader rebound in equities.