Can Nifty touch 30,000 by the end of 2026? Here’s what JPMorgan and Macquarie have to say

Synopsis:
JPMorgan and Macquarie foresee a strong multi-year rally in Indian equities, projecting the Nifty 50 could reach 30,000 by 2026, driven by robust earnings growth, rising domestic demand, supportive policies, and renewed foreign investment.

Global brokerage giants JPMorgan and Macquarie have struck an increasingly bullish tone on India’s equity markets, projecting that the Nifty 50 could climb to 30,000 by 2026. 

Backed by strong earnings growth, improving domestic demand, supportive policies, and the potential return of foreign capital, both firms believe India is entering a powerful multi-year expansion phase setting the stage for a major market rally ahead.

Indian stock markets reached new peaks on November 27, 2025, with the Nifty 50  surpassing its previous record to touch 26,310.45. The BSE Sensex also rallied past 86,000 for the first time, and made a high of 86,055.86 amid strong investor confidence. This surge follows positive global cues like US Federal Reserve rate cut expectations, improved Q3 earnings outlook, and sustained consumption trends in India.

Nifty outlook by JP Morgan 

JPMorgan has turned constructive on the Indian equity market, raising its Nifty 50 base-case target to 30,000 by end-2026. The brokerage expects a supportive mix of fiscal and monetary policies, an improvement in domestic demand, and broad-based sectoral expansion to drive a rebound in corporate earnings. 

It forecasts MSCI India earnings to grow 13% in CY26 and 14% in CY27, while noting that India’s valuations, though premium, have moderated relative to emerging markets and moved closer to long-term averages.

Nifty outlook by Macquarie

Macquarie also leans increasingly positive, stating that the balance of risk now favours an upside, making it more likely for the Nifty to approach 30,000 rather than 20,000 by 2026. The firm titled its outlook “India in 2026: Coming out of hibernation,” signalling a shift from its earlier cautious stance on 2025.

The brokerage expects market outperformance to be driven by a revival in India’s earnings growth premium, stronger consumer spending momentum, and a renewed pickup in foreign institutional flows. Together, these factors position 2026 as a year of potential acceleration for Indian equities.

In conclusion, both JPMorgan and Macquarie signal a bullish trajectory for India’s equity markets, underpinned by strong earnings growth, rising domestic consumption, supportive policies, and renewed foreign investment. With the Nifty 50 already hitting record highs, these factors suggest 2026 could mark a significant phase of market expansion, potentially propelling the index toward the 30,000 mark and offering investors substantial upside opportunities.

Written by Manideep Appana

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