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Goldman Says India's World-Beating Stock-Market Run Is Over

  • Strategists at Goldman Sachs say India valuations concerning
  • Goldman lowers India stocks for first time since March 2014
Updated on

Goldman Sachs Group Inc. has called time on the world-beating surge in Indian stocks.

The nation’s equity market looks less favorable amid elevated valuations, a potential slowdown in economic growth and upcoming elections, according to Goldman Sachs analysts, who cut India to the equivalent of a hold rating from buy. The firm has been bullish on Indian stocks since March 2014 and the market has nearly doubled since then, returning more than twice that of global equities.