“Bullish on Sensex, assigning a 25% probability to reaching 100,000 within 12 months, driven by India's improving macro and earnings cycle. The base case targets 89,000 by June 2027, implying 15% upside, supported by macro stability, increased private investment, and a positive real growth-real interest rate gap. This justifies a P/E multiple of 23.5x, above the 25-year average.”