PSU banks still offer tactical upside; midcaps still justified at premium, says JPMorgan’s Rajiv Batra

December 4, 2025

JPMorgan’s Rajiv Batra says PSU banks remain a top tactical bet despite recent volatility, with strong credit growth, tech upgrades, and policy support set to drive re-rating. FIIs may return as India’s growth, earnings, and reforms strengthen. He expects nominal GDP to rise, supporting 13–14% earnings growth and further upside in midcaps if momentum holds.

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