Nomura, a Japanese brokerage, highlighted key aspects to watch in India's upcoming Union budget, emphasizing the new government's economic vision and its management of political dynamics. The brokerage anticipates "muted returns" in the second half of the year for equities, maintaining a year-end Nifty target of 24,860 points, slightly above current levels. They underscored the importance of fiscal discipline beyond FY26, when the government aims to reduce the fiscal deficit to 4.6%.
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