BofA Global Research is cautiously optimistic on Indian equities. While near-term valuations are high and global growth is a concern, they see strong long-term potential driven by nine structural factors. Despite this, the Nifty 50 is up ~5% YTD.

• High valuations & global slowdown pose near-term risks.
• Nine structural drivers fuel a long-term growth outlook.
• India's past returns strong, 7% CAGR in dollar terms.