Nominal GDP growth set to surge to 12%. Why the stock market may still struggle to rally

India’s nominal GDP growth could accelerate to 11.5%-12% in FY27, supporting stronger corporate earnings. However, elevated valuations, rising equity supply and potentially slower domestic flows could limit broad market gains. Jefferies favours lenders, power, ports and real estate, but sees a selective stock-picking environment rather than a broad-based rally.

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