Goldman Sachs raised India to 'overweight' from 'market-weight', citing growth recovery and inflation moderation ahead pegging December 2013 Nifty target at 6,600.
Recent reform initiatives have created a sense of optimism among the domestic investor base for the first time in over a year, and the risk of policy missteps in 2013 has been lowered," said Goldman Sachs in a report.
The investment bank added that MSCI India's valuation was well below the 5-year average of 14.9 times, affording an attractive entry point into one of the stronger structural growth markets in the region.
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