ICICI Bank, Airtel, Infy, Titan, BEL, Groww, IndiGo, Tata Steel among top picks for FY27
Brokerage firms including Motilal Oswal and B&K Securities have suggested their top picks for FY27 which includes names like ICICI Bank, Airtel, Infosys, Titan, BEL, Groww, IndiGo and more.
- Apr 3, 2026,
- Updated Apr 3, 2026 3:24 PM IST
Indian benchmark indices have tumbled sharply amid the ongoing West Asia crisis, rising crude oil prices, a depreciating Indian rupee, and persistent FII outflows. To recall, the BSE Sensex and Nifty50 have declined 13–14 per cent each in 2026 so far, while the fear gauge India VIX has nearly tripled on a year-to-date basis. However, brokerage firms have pencilled out select picks for FY27.
Motilal Oswal Financial Services has highlighted FY26 as a near six-sigma year marked by major geo-economic and geopolitical events. These developments pushed equity market volatility to extreme levels amid economic uncertainties. Artificial intelligence emerged as a significant force influencing global market returns, particularly benefiting sectors linked to the AI ecosystem, it said.
The ongoing conflict in West Asia is likely to deepen global divisions rather than remain a short-term disruption, believes B&K Securities. This points to a more fragmented and uncertain international environment ahead. It highlighted that the energy shock from the conflict is still developing.
Markets have moved away from expecting multiple rate cuts, facing a less predictable path with the possibility of prolonged higher rates if energy prices remain elevated, B&K Securities noted. Commodity prices follow a typical cycle—gold, base metals, then oil—indicating that reflationary pressures are still emerging.
Motilal Oswal observed a divergence between domestic and foreign institutional investors. Domestic investors remained strong buyers, investing $96 billion in FY26, while foreign investors recorded outflows of $20 billion. This shift led to increased market sensitivity to foreign investment flows and was accompanied by an 8 per cent depreciation in the rupee.
On the policy front, Motilal Oswal reported that both the Reserve Bank of India and the government actively pursued measures to stimulate demand. The RBI cut the cash reserve ratio and repo rate, alongside liquidity injections, while the government introduced tax reforms and bilateral trade agreements with the UK, EU, and US.
For India, B&K Securities pointed out that higher energy costs affect the current account, inflation, and growth, tightening macroeconomic balance and limiting policy flexibility. These effects reflect a wider economic adjustment, as import costs influence inflation and growth.
B&K Securities emphasised that policy decisions are more challenging under these conditions. Balancing growth support with inflation and external account management narrows policy options. Supplier diversification offers some relief but does not significantly reduce India’s dependence on imported energy, leaving it vulnerable to global price changes.
Motilal Oswal pointed out that while these policy measures have yet to fully impact market sentiment, they are expected to deliver benefits in FY27. Domestic politics remained relatively calm in FY26, with only the Bihar state elections resulting in a record victory for the NDA coalition, signalling policy continuity.
Looking ahead, B&K Securities suggested that while markets have priced in many risks, medium-term investment themes such as energy security, bioenergy, fuel substitution, supply-chain resilience, and increased inventories of critical materials will remain important. Defence spending is also expected to continue attracting attention beyond the conflict period.
Motilal Oswal expects FY27 to present a more favourable base for Indian equities, despite ongoing geopolitical risks. Valuations have corrected, with the Nifty trading at a discount to long-term averages, offering a strong entry point amid expectations of double-digit earnings growth over the medium term.
Bharti Airtel, State Bank of India (SBI), ICICI Bank, M&M, Titan, Bharat Electronics (BEL), Eternal, Tata Steel, Infosys, and InterGlobe Aviation (IndiGo) are the top picks of MOSFL from the Nifty50 basket, while it has picked TVS Motors, Groww, Indian Hotels, AU Small Finance Bank, Dixon Tech, Premier Energies, Coforge, Radico Khaitan, Delhivery, Lenskart, and ACME Solar as top non-Nifty ideas.
These areas may receive ongoing policy support and investor interest, even if immediate conflict-related risks ease, according to B&K Securities. The situation highlights structural challenges extending beyond short-term disruptions. It views the West Asia conflict as a catalyst for deeper global economic shifts.
B&K Securities has picked ICICI Bank, Coal India, Max Financial, and Ashok Leyland from the large-cap space, while it has selected Aurobindo Pharma, GSK Pharma, Radico Khaitan, Navin Fluorine, Ramco Cements, Shyam Metalics, Welspun Corp, Chalet Hotels, Usha Martin, Neuland Labs, Graphite India, BlackBuck, CarTrade Tech, Avalon Technologies, and Hindustan Foods as top broader market picks.
Indian benchmark indices have tumbled sharply amid the ongoing West Asia crisis, rising crude oil prices, a depreciating Indian rupee, and persistent FII outflows. To recall, the BSE Sensex and Nifty50 have declined 13–14 per cent each in 2026 so far, while the fear gauge India VIX has nearly tripled on a year-to-date basis. However, brokerage firms have pencilled out select picks for FY27.
Motilal Oswal Financial Services has highlighted FY26 as a near six-sigma year marked by major geo-economic and geopolitical events. These developments pushed equity market volatility to extreme levels amid economic uncertainties. Artificial intelligence emerged as a significant force influencing global market returns, particularly benefiting sectors linked to the AI ecosystem, it said.
The ongoing conflict in West Asia is likely to deepen global divisions rather than remain a short-term disruption, believes B&K Securities. This points to a more fragmented and uncertain international environment ahead. It highlighted that the energy shock from the conflict is still developing.
Markets have moved away from expecting multiple rate cuts, facing a less predictable path with the possibility of prolonged higher rates if energy prices remain elevated, B&K Securities noted. Commodity prices follow a typical cycle—gold, base metals, then oil—indicating that reflationary pressures are still emerging.
Motilal Oswal observed a divergence between domestic and foreign institutional investors. Domestic investors remained strong buyers, investing $96 billion in FY26, while foreign investors recorded outflows of $20 billion. This shift led to increased market sensitivity to foreign investment flows and was accompanied by an 8 per cent depreciation in the rupee.
On the policy front, Motilal Oswal reported that both the Reserve Bank of India and the government actively pursued measures to stimulate demand. The RBI cut the cash reserve ratio and repo rate, alongside liquidity injections, while the government introduced tax reforms and bilateral trade agreements with the UK, EU, and US.
For India, B&K Securities pointed out that higher energy costs affect the current account, inflation, and growth, tightening macroeconomic balance and limiting policy flexibility. These effects reflect a wider economic adjustment, as import costs influence inflation and growth.
B&K Securities emphasised that policy decisions are more challenging under these conditions. Balancing growth support with inflation and external account management narrows policy options. Supplier diversification offers some relief but does not significantly reduce India’s dependence on imported energy, leaving it vulnerable to global price changes.
Motilal Oswal pointed out that while these policy measures have yet to fully impact market sentiment, they are expected to deliver benefits in FY27. Domestic politics remained relatively calm in FY26, with only the Bihar state elections resulting in a record victory for the NDA coalition, signalling policy continuity.
Looking ahead, B&K Securities suggested that while markets have priced in many risks, medium-term investment themes such as energy security, bioenergy, fuel substitution, supply-chain resilience, and increased inventories of critical materials will remain important. Defence spending is also expected to continue attracting attention beyond the conflict period.
Motilal Oswal expects FY27 to present a more favourable base for Indian equities, despite ongoing geopolitical risks. Valuations have corrected, with the Nifty trading at a discount to long-term averages, offering a strong entry point amid expectations of double-digit earnings growth over the medium term.
Bharti Airtel, State Bank of India (SBI), ICICI Bank, M&M, Titan, Bharat Electronics (BEL), Eternal, Tata Steel, Infosys, and InterGlobe Aviation (IndiGo) are the top picks of MOSFL from the Nifty50 basket, while it has picked TVS Motors, Groww, Indian Hotels, AU Small Finance Bank, Dixon Tech, Premier Energies, Coforge, Radico Khaitan, Delhivery, Lenskart, and ACME Solar as top non-Nifty ideas.
These areas may receive ongoing policy support and investor interest, even if immediate conflict-related risks ease, according to B&K Securities. The situation highlights structural challenges extending beyond short-term disruptions. It views the West Asia conflict as a catalyst for deeper global economic shifts.
B&K Securities has picked ICICI Bank, Coal India, Max Financial, and Ashok Leyland from the large-cap space, while it has selected Aurobindo Pharma, GSK Pharma, Radico Khaitan, Navin Fluorine, Ramco Cements, Shyam Metalics, Welspun Corp, Chalet Hotels, Usha Martin, Neuland Labs, Graphite India, BlackBuck, CarTrade Tech, Avalon Technologies, and Hindustan Foods as top broader market picks.