Goldman names 7 'attractive' stocks to buy in India — one with a 78% upside

Beneficiaries waiting in observation area after getting COVID19 vaccine at M. A. Podar Hospital, Worli in Mumbai, India, on Monday, April 19, 2021.
Anshuman Poyrekar | Hindustan Times | Getty Images

India's second coronavirus wave shows no signs of abating — Goldman Sachs says investors are getting nervous about the macroeconomic risks and earnings recovery.

The Nifty 50 is down almost 2.7% for the month as of Tuesday's close, and the Sensex fell about 3.6% for the same period.

Goldman has downgraded India's economic growth projection for 2021 — from 10.9% to 10.5%. But the investment bank is still bullish on India and favors "targeted cyclical exposure," it said in a note on April 13. Cyclical stocks are those tied to the fluctuations of the economy, and tend to perform better during an economic expansion.

Here are seven buy-rated stocks on Goldman's "conviction list." The bank says they offer an "attractive entry point" into the Indian market and expects them to outperform.

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