Bernstein expects India’s Nifty 50 to consolidate before rising to 26,500 by year-end, citing steady macroeconomic recovery signals.

• Consumption revival from lower-income groups is seen driving recovery; top-tier stagnation may slow overall growth momentum.
• Expects ~6.5% GVA growth; market upside hinges on clearer macro recovery, likely within two months.
• Upgrades consumer staples to "slight overweight"; downgrades utilities to "equal weight" amid sectoral reassessment.