Big Brokerages Reveal 2026 Strategy | Top Stocks, Risks & Opportunities

Indian markets opened 2026 with early gains but quickly turned cautious amid renewed geopolitical risks (U.S.–Venezuela, potential Iran tensions) and U.S.–India trade uncertainties. SBI Securities’ Sunny Agarwal sees 2026 outperforming 2025, driven by expected double-digit Nifty earnings growth, normalized valuations, and pro-growth policies. Key focus sectors: Telecom (tariff hikes, Jio IPO, AGR relief → Bharti Airtel, Indus Towers favored); Pharma (CDMO, GLP-1 drugs, hospitals → Syngene, Anthem, Narayana, Max Healthcare); Cement (20%+ profit-pool growth, infra revival → UltraTech, Ambuja, JK Cement/Lakshmi). QSR recovery delayed; delivery still outpaces dine-in (accumulate Jubilant, Westlife on dips). Q3 earnings kick off next week—consumption, autos, metals, industrials expected to lead; IT/BFSI/Pharma/FMCG lag optically. Temper expectations: 12–16% portfolio returns possible.