# Global brokerages are turning cautious on India as geopolitical tensions and crude oil prices above $100 per barrel begin to reshape the macro outlook.

*fintech · news · 2026-04-28 · Livemint*

## Key points

- JPMorgan, Goldman Sachs, HSBC, Nomura, and Citi have all downgraded Indian equities or Nifty targets.
- JPMorgan cut its year-end Nifty 50 target by 10% to 27,000 due to macro risks.
- Nomura warned of a 10–15% downside risk to Indian corporate earnings if oil prices stay elevated.
- Global brokerages now see inflation, currency weakness, and energy shocks as key near-term risks for India.
- Goldman Sachs has lowered its 2026 GDP growth forecast and raised inflation forecasts for India.

**Companies:** JPMorgan, Goldman Sachs, HSBC, Nomura, Citi
**Countries:** India, Iran

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