Nifty Headed for Record Run? New Report Predicts 28,957 by December

India's benchmark stock market index, the Nifty 50, can reach an all-time high of 28,957 by December 2025, a bullish estimate by financial services company PL Capital has said. The estimate, in a newly published report, is based on the re-emergence of a market-wide bull run and favorable macroeconomic variables.

The Nifty 50 had touched its all-time high of 26,277.35 in September 2024 earlier. In its recent analysis, PL Capital has presented three market scenarios — bull, base, and bear — with a new target each for the index. In the bull case, the index will trade at a price-to-earnings (PE) of 20x with an estimated earnings per share (EPS) of ₹1,451.5 as of March 2027, resulting in the lofty target of 28,957 from the previous estimate of 27,590.

In the base case, the index is worth a 2.5% discount off its 15-year average PE of 18.5x, to give it a target of 26,889 — still above the company's previous estimate of 25,521. In the bear case, with a 10% discount applied, the index can fall to 24,821.

The report highlights that the restart of consumption demand will be key to the maintenance of any rally. The factors contributing include normal monsoon, subdued food inflation, Reserve Bank of India (RBI) cuts in repo rate and CRR, and anticipated tax relief in the forthcoming FY26 Union Budget.

PL Capital further observed a 61% year-on-year jump in government capex in April and 39% in May, along with more robust defence spending and order placement trends.

In the meantime, the RBI has already lowered the repo rate by 100 basis points and signaled additional easing of liquidity through sequential CRR reductions, which could also spur credit growth, which was 9.5% in Q1 FY26.
If such conditions continue, experts think the Nifty 50 can actually cross the 28,900 level — and pave the way for one of the most robust year-end rallies in recent times.

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