HSBC strategist expects Nifty to rise 15 percent in 2025 on earnings strength

HSBC’s Mark Matthews said India could be a “boring market” in 2025 with steady returns driven by earnings rather than dramatic rerating, projecting Nifty gains near 15% next year. He argued domestic growth, capex, and strong balance sheets underpin resilience despite premium valuations. Foreign flows may be choppier, but local savings should buffer volatility. Sectorally, he favoured financials and consumption while staying selective in industrials. Investors were advised to temper expectations and lean toward quality compounding traits as liquidity normalizes and policy visibility improves through first half of 2026.