Bank of America (BofA) has projected that the Nifty index in India will reach 26,500 by the end of 2025, indicating potential returns of less than 9%. The bank anticipates that the Nifty may lag behind US equities when measured in dollar terms. Additionally, BofA expects the S&P 500 to see gains of 10% in 2025, although it has expressed caution regarding large technology companies. Other financial institutions, including Morgan Stanley and CLSA, are also providing insights into their India strategies, with a focus on themes such as slowing growth momentum and foreign fund outflows impacting domestic liquidity.