Goldman Sachs Downgraded India, Says Nifty Likely To Hit 11,900 By June 2019 | CNBC-TV18

The Nifty50 may hit 11,900 by June 2019, said Goldman Sachs in its research report, adding that it stayed "overweight" on the broader NSE index. On a weekly basis, the overall trend for the Nifty last week was of consolidation as oil prices rose amid a decline in the Indian rupee, said the report. Last week, brent rose 2 percent to $78/bbl, while the rupee fell by 30bps, closing near 72/$ mark. The NSE index, for the week, corrected by 60 basis points, the report noted, adding that midcap indices fell 1 percent. One basis point is one-hundredth of a percentage point. Among sectors, auto, public sector banks and consumer stocks dipped by 1-2 percent, while metal stocks provided support. The report also highlighted that since the start of first quarter results, MSCI India CY18 consensus earnings per share (EPS) has been revised lower by 3 percent. CNBC-TV18 is India's No.1 Business medium and the undisputed leader in business news. The channel's benchmark coverage extends from corporate news, financial markets coverage, expert perspective on investing and management to industry verticals and beyond. CNBC-TV18 has been constantly innovating with new genres of programming that helps make business more relevant to different constituencies across India. India's most able business audience consumes CNBC-TV18 for their information & investing needs. This audience is highly diversified at one level comprising of key groups such as business leaders, professionals, retail investors, brokers and traders, intermediaries, self-employed professionals, High Net Worth individuals, students and even homemakers but shares a distinct commonality in terms of their spirit of enterprise. Subscribe to our Channel: https://goo.gl/hKwgtm Like us on Facebook:   / cnbctv18india   Follow us on Twitter:   / cnbctv18news   Website: http://www.moneycontrol.com/cnbctv18/