Morgan Stanley- Sensex 100K!! Indian Stock market could triple,

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MS: INDIA - STOCK MARKET COULD TRIPLE: MS Team India is out with a BLUEPAPER on the Digitization of India, driving sustainable long-term growth and the ever-bullish thesis. Our team is forecasting GDP to reach US$6 trillion, equity market cap to rise to US$6.1 trillion and the market value of the financials and consumer sectors to hit US$1.8 trillion and US$2 trillion by 2027. The new GST system being 100% online, rapid mobile penetration, and new infrastructures (eg. UPI system) are driving better credit penetration, credit creation, and hence the economy. Our team have highlighted 21 stocks that will be winners, including global players. More so than in China, global entrants into India that will benefit given how open India is to FDI. Subramanian Iyer, initiated on Edelweiss with O-Weight rating, and Anil has also upgraded PTs across private banks & NDFCs, as he raised his forecast of financials market cap to US$1.8 trillion, around 4x current levels. His top picks are HDBK, Kotak, BAF, and Yes Bank. Lastly Nillai Shah upgraded ITC to O-Weight given its underperformance and now too-low expectations. While a 10-year view, majority of the delta will be seen in the next few years, and thus get priced into the market pretty quickly.