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JPMorgan warns Nifty could drop to 20500 as it downgrades India stocks to neutral
Economy
Published on 24 April 2026
Bear case points to 15% downside—what changed now
JPMorgan has downgraded Indian equities to Neutral from Overweight, warning that the Nifty could fall to 20,500 in a bear-case scenario, suggesting around 15% downside. The bank says the long-term outlook is intact, but near-term pressure could come from elevated valuations, Iran-related uncertainty, energy disruption risk, and emerging earnings concerns as FY27 estimates are cut.
- JPMorgan cuts Indian equities rating to Neutral from Overweight
- Nifty bear-case target suggests roughly 15% downside to 20,500
- Risks cited include high valuations, Iran uncertainty, and energy disruptions
- Earnings outlook weakens with FY27 estimate cuts and EPS growth trimmed
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times