Goldman Sachs has downgraded Indian equities to "marketweight" from "overweight" and cut its Nifty 50 target, citing deteriorating macro conditions and a looming earnings downgrade cycle. The US-based investment bank now expects the index to be in the 25,300-25,900 range over 12 months. This is down from its earlier projection of 29,300-29,500, a cut of roughly 14%.