Goldman downgrades India, slashes Nifty target and warns of earnings cut. Here's why

Global brokerage Goldman Sachs has turned cautious on Indian equities, cutting its Nifty target and warning of an “energy-shock-led” earnings downgrade cycle. The firm expects higher-for-longer oil prices amid the US-Iran conflict to worsen Indias macro outlook, weaken returns and pressure corporate earnings over the next few quarters.