“Jonathan Garner of Morgan Stanley is bullish on Indian equities, projecting a cyclical earnings upswing with mid- to high-teens growth over the next two years, which should lead to outperformance against other emerging markets. He sets a two-year forward Sensex target of 95,000, noting that valuations appear less stretched on a forward basis despite current concerns. This upswing is supported by RBI monetary easing, improving regulatory conditions, and early signs of a capex cycle revival.”