Worries over slippage in India’s growth estimates could stall the rally in local shares, according to strategists at Jefferies. They project India’s nominal GDP expansion to fall below 10% in the year to March, partly due to low inflation. While easing price pressures may support bond yields, it could dampen corporate revenue and credit expansion, factors that could trigger earnings-per-share downgrades and result in a “sideways equity market” through the rest of the fiscal year.