New Delhi - Japanese brokerage Nomura on Tuesday said inflation levels in India are close to post global financial crisis lows, and retained its positive stance on the country's stock market.

According to the global financial services major, the national accounts reveal that inflation rates across sectors in the country are close to post-GFC (global financial crisis) lows.

"Inflation across aggregate sectors is close to post-GFC lows; we reiterate our positive stance on the market and remain OW (overweight) on financials," Nomura said in a research note.

The headline retail and wholesale inflation figures since July coincided with the collapse of global commodity prices, led by crude oil.

Among other factors that led to the decline in headline retail inflation include significant fall in global agricultural commodity prices and strong base effects.

According to official figure, wholesale inflation came down to a five-year low at 1.77 percent in October while retail inflation hit a record low of 5.52 percent in the same month.

"We maintain our positive view on the market and overweight stance on financials," Nomura said, adding that the Sensex is trading at around 7 percent premium to its 5-year average which "we think is not expensive".

In August, Nomura had raised its BSE Sensex target to 30,310 for August 2015.

Stock markets have seen significant gains in 2014 and the BSE benchmark sensitive index (Sensex) has gained 7,268.23 points or 34.33 percent so far this year.

The 30-share Sensex was trading 0.41 percent down at 28,441.16 in the afternoon as the Reserve Bank did not cut the key interest rate, maintaining status quo at the monetary policy review today. (PTI)