HSBC upgrades Indian equities to 'overweight', pegs Sensex at 94,000 at 2026-end

** HSBC upgrades Indian equities to "overweight" from "neutral", says shares looking attractive on a regional basis after recent underperformance

** Expects Sensex BSE:SENSEX to hit 94,000 by end of 2026, a 15% upside from current levels; 2025-end target at 85,130

** HSBC says U.S. tariffs will have little impact on the profits of most listed companies

** "While earnings growth expectations can fall a little further, valuations are no longer a concern" - HSBC

** India's equity benchmarks up ~5% YTD, underperforming MSCI Asia ex Japan (.MIAPJ0000PUS), which has risen about 23%

** Adds that government policy is becoming a positive factor for equities in India, where most foreign funds are lightly positioned

** Nifty NSE:NIFTY and Sensex down 0.4% each at 25,074.8 and 81,790.26 points, respectively