However, Nomura warns risks include "a broken" capex cycle, weak government finances, and a poor external account.
Nomura sees downside risks to consensus forecast of 13 percent earnings growth for fiscal 2014, adding it expects at most a 10 percent growth.
The Sensex is trading at 13.8 times, or a 10 percent discount to its three-year average, Nomura adds, noting that "is about right given the market's adverse macroeconomic ecosystem and high systemic imbalances - slow growth, high twin deficits and a weak rupee". [Via]
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