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The growth in corporate earnings in India is unlikely to materially outpace the nominal GDP growth in the near term, Nomura Global Markets Research said, as it set the December-end target for the Nifty 50 at 23784 points, signifying just a 2.6% gain potential over the index's closing of 23176.05 on the National Stock Exchange Tuesday. The year-end target of the benchmark index implies a valuation of 18.5 times the estimated earnings for the twelve months to December 2026, the brokerage said in its outlook report. Nomura said it reached the valuation after considering a 5% cut to current consensus earnings estimates.
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