‘Buy’ calls are slowly vanishing from India’s booming stock market

In India’s $5 trillion equity market, analysts face difficulties recommending stocks, with only 61 out of the NSE Nifty 200 index receiving a consensus ‘buy’ rating. High valuations and a dimmer outlook for corporate earnings have led to an increase in ‘hold’ recommendations, reflecting a cautious stance among analysts. Indian stocks have been hitting successive records in 2024.