Market Guru Aashish Somaiyaa: What 2026 Holds For Markets?

2025 proved a challenging yet resilient year for Indian investors, marked by sharp asset class divergences, prolonged flatlining in equities, and the need for discipline amid volatility. The Nifty delivered modest ~9–10% gains despite zero corporate earnings growth for much of the year, tight monetary policy post-elections, and record FII outflows. Smallcaps suffered their worst performance since 2018, down ~20–23%, while broader markets consolidated. Gold and silver stole the show, with gold up ~75–85% and silver soaring ~100–182%—far outpacing equities and highlighting the pitfalls of chasing past winners. Record IPO fundraising hit ₹1.75–1.76 lakh crore through 103 mainboard listings, but nearly 50% traded below issue prices by year-end, underscoring valuation risks. Aashish Somaiyaa of White Oak Capital AMC views the flat period as "not bad" given headwinds—it made markets ~12–15% cheaper automatically. For 2026, he advises against chasing precious metals' past rallies; instead, favor long-term equity via diversified or asset-allocated portfolios, selective smallcap exposure through flexi/multi-cap funds, and incremental bets on underperformers like private banks, IT, and healthcare. Avoid dramatic rejigs after losses—rebalance gradually, stay invested in quality, and prepare for potential second-half recovery as valuations ease and global uncertainties fade.