The Indian markets have been on a bull run with the benchmark indices hitting record highs this week. The Nifty50 hit an all-time high of 12,769.75 in the previous session while the Sensex hit a new high of 43,708.47.

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On the back of the market run-up, fall in coronavirus cases as well as the economic recovery, global brokerage house Goldman Sachs has upgraded India to 'overweight' and raised Nifty50's target to 14,100 which it expects by 2021-end. The market has moved higher as investors gained confidence on improving economic momentum, Goldman Sachs noted in the report.

Here are the key highlights from the report:

- GS expects corporate profits to rebound 27 percent in 2021 and a further 21 percent in 2022.

- The brokerage further stated that macro recovery has gathered momentum.

- It has also revised 2-wheeler volume growth decline to 15 percent from 18 percent in FY21.

- Car volume growth decline has also been revised to 12 percent from 20 percent in FY21.

- It expects 2-wheeler and car volume growth at 22 percent and 27 percent in FY22.

- Among stocks, it prefers HDFC Bank, SBI, L&T, RIL, TVS Motor, Avenue Super, Fortis and Apollo Hospitals.

- In the banking space, it sees 1 percent and 30 percent upside in HDFC Bank and SBI, respectively.

- L&T may see a 16 percent upside, RIL 12 percent, TVS Motor 29 percent, Avenue Supermart 15 percent, and MakeMyTrip 15 percent, stated the brokerage.

Earlier, Nomura had also raised the December 2021 target for Nifty to 13,640. It had increased weights in banks and is overweight on financials. It prefers ICICI Bank, Axis Bank, SBI and Max Financials from the space.

It reduced weight on IT and pharma, but continues to remain 'overweight' on these sectors, as it expects multiples to expand as earnings visibility improves.