Vinit Bolinjkar of Ventura Securities outlines a cautious yet constructive strategy for Indian equities in 2026. He notes that while benchmark indices have delivered high single-digit returns, broader markets - especially small caps - have underperformed, hurting retail investors with heavy exposure. At current levels around 26,000, valuations are reasonable but not cheap, making stock selection critical. With Indian interest rates likely past their peak and selling pressure emerging in mid and small caps due to IPO supply and profit-taking, Vinit advises investors to be highly selective and valuation-disciplined. For fresh allocations, he prefers large caps with a tilt towards consumption-led businesses. As inflation bottoms out and gradually rises, he expects improvement in revenues and EBITDA, making quality large caps a relatively safer bet for 2026.
Strong Q1 results from Accenture have brought Indian IT stocks back into focus after a long phase of underperformance. Accenture reported 6% YoY revenue growth, steady FY26 guidance, and a sharp 76% jump in AI bookings, helping revive global tech sentiment. However, experts remain cautious, noting that discretionary spending remains weak and GenAI adoption is yet to meaningfully lift overall IT budgets, a view echoed by Jefferies. Currency volatility, stretched AI valuations, and global macro risks also cap enthusiasm. Meanwhile, Morgan Stanley sees limited near-term impact from HCL Tech’s latest acquisition. While large-cap IT may stay range-bound, the view is that midcap IT stocks could outperform once demand visibility improves, even as domestic manufacturing remains the preferred overweight theme.
Danish pharma giant Novo Nordisk’s recent launch of Ozempic in India alongside a 37% price cut on Wegovy points out at more than a market entry. It reflects a strategic recalibration as semaglutide approaches the latter half of its patent life globally and competitive intensity in obesity care accelerates. With rivals scaling up and next-generation therapies on the horizon, Novo is shaping its India strategy around broader metabolic health outcomes, access expansion and local partnerships. Emil Kongshøj Larsen, Executive Vice President (EVP) for International Operations, Novo Nordisk told Business Today that India will be central to company's growth agenda, with parallel efforts to widen patient reach and defend its GLP-1 franchise as competition intensifies.
The Indian stock market is wrapped in Christmas cheer as the Nifty trades at 25,979, firmly holding above the key 25,900 bull zone with 90 minutes left to potentially reclaim 26,000. Bank Nifty supports the rally, up 200 points to 59,112, while broad-based strength shines through - a robust advance-decline ratio of 1,922 advancing versus 800 declining stocks. Midcaps and small caps lead with Nifty Alpha 50 up 1%, Small cap 100 gaining 0.8%, and Midcap 100 rising 0.6%. Standouts include Shriram Finance hitting a record high on news of a potential $4.5 billion investment, Power Grid, Titan, Hindalco, and buzzing names like Tata Elxsi, JK Tyre, and pharma stocks. After a painful week, Nifty respects the 21-day EMA, signaling hope for a greener close to 2025.
Sandip Bansal of ASK Investment Managers outlines three key factors shaping the equity market outlook for 2026. The foremost trigger is a pickup in earnings growth, with FY26 expected to see improvement in the second half, setting the stage for a stronger 14–15% earnings growth trajectory in FY27. Improved market sentiment, supported by potential progress on a U.S. trade deal and expanding bilateral agreements, could further aid the outlook. Bansal also highlights a recovery across market breadth, driven by rising government activity, improved project execution, and a revival in the private sector capex cycle. With rate cuts already in place and capital raised awaiting deployment, growth impulses could strengthen meaningfully next year.
On Business Today TV's "What's Hot Today", Market expert discussed market gains with Nifty rising amid sectoral strength in pharma, realty, and mid/small-caps. ICICI Prudential AMC made a strong debut and rising further. Vinit Bolinjkar (Ventura Securities) recommended holding long-term as a decadal growth play, ranking it top among AMCs for valuations and brand. Ola Electric faced pressure from promoter Bhavish Aggarwal's third consecutive stake sale. Accenture's solid Q1 FY26 results boosted Indian IT sentiment, though Bolinjkar remained cautious. For 2026, he advised overweight large-caps, selective mid/small-caps, focus on manufacturing, defense, FMCG, and mid-sized banks; stay positive on gold/silver.
Sandip Bansal of ASK Investment Managers shares his perspective on the weakening rupee and how fund managers are adapting. He explains that while a softer rupee raises import costs - especially for capital goods and oil - it also supports exports and helps cushion the impact of US tariffs. With crude prices remaining muted, the pressure from imports has been manageable. Bansal notes that currency volatility is not desirable but is an unavoidable part of markets. Rather than viewing it as a nightmare, fund managers adjust portfolios to evolving macro conditions. In this environment, ASK has taken a tactical call on the IT sector, supported by export orientation, attractive valuations, and signs of improving demand, turning currency weakness into a strategic opportunity.
On December 19, 2025, amid a market rebound with Nifty reclaiming 25,900, ASK Investment Managers' Deputy CIO Sandeep Bansal shared a hopeful 2026 outlook after a painful 2025. He expects earnings growth recovery, improved sentiments from potential US trade deals/bilateral agreements, and rising government/private CAPEX benefiting from rate cuts. Fresh deployments focus on domestic cyclical plays - BFSI (credit growth, asset quality, valuations), discretionary consumption, manufacturing/capital goods. Tactically bullish on IT due to weak rupee boosting exports, attractive valuations, and improving demand. Prefers large-caps for better risk-adjusted returns; selective mid/small-cap opportunities. Advises cleaning weak portfolios, expects FII return. Long-term India story intact at ~21x forward earnings.
Sandip Bansal of ASK Investment Managers explains how fresh monthly inflows are being deployed in the current market environment. The focus remains firmly on domestic-oriented businesses positioned to benefit from a cyclical recovery. While there is no single-sector bet, Bansal highlights a basket-led approach with BFSI, discretionary consumption, manufacturing, and capital goods at the core. BFSI stands out due to improving credit growth momentum, strong asset quality, and attractive valuations. He also notes a tactical bullish turn on the IT sector, supported by favourable currency dynamics, current account considerations, rising gold prices, reasonable valuations, and an improving demand outlook. Overall, ASK’s strategy balances cyclical recovery themes with selective sectoral opportunities.
Sharing his outlook on the NIFTY 2026, George Thomas, Fund Manager at Quantum AMC, says bottom-up fundamentals point to healthy upside over the next two years. He remains optimistic on financials, where rate cuts that hurt banks earlier could turn into a tailwind as deposit repricing improves margins amid a benign credit environment. Insurance is another key pocket, with pricing issues largely behind and earnings visibility improving. IT services, after years of muted global tech spending, could benefit from a technology refresh cycle and enterprise adoption of new platforms. While valuations are no longer cheap, Thomas believes they remain reasonable, setting the stage for returns that could outperform historical averages over the next two years.
Concerns around the rupee weakening to near 91 levels are being viewed with greater calm compared to the past. The market perspective today is shaped by strong foreign exchange reserves, relatively low crude oil prices, and global currency volatility. Unlike earlier phases when sharp rupee moves triggered panic, the current depreciation is seen as part of a broader cycle. Importantly, a weaker rupee provides a cushion to Indian exporters, especially at a time when trade negotiations face delays. With oil prices around $60–62 per barrel, the macro balance remains supportive. The combination of manageable inflation risks, adequate reserves, and global currency adjustments suggests that the current rupee level is not a systemic concern but a temporary phase within the economic cycle.
SEBI has announced a sweeping reset of market regulations, cutting and unbundling mutual fund expenses, overhauling three-decade-old stockbroker rules, and tightening disclosure norms. IPO regulations have also been eased with a tech-driven lock-in system for pledged shares, while investor protection has been strengthened through a revamped broker charter and grievance redress mechanism. Catch Sakshi Batra in conversation with Harshvardhan Roongta, CEO, Roongta Securities decoding what these changes mean for retail investors.
In late 2025, amid flat Indian markets and widespread pain, DSP Mutual Fund's Rohit Singhania highlighted a sentiment-data divergence. Resilient domestic flows cushioned declines despite earnings downgrades and rupee's record low. He advocated sticking to fundamentals—business quality, valuations, risks—while ignoring noise, and urged continuing SIPs for long-term compounding. Portfolio shifts: Overweight banks (private/PSU) for strong balance sheets/growth; turned overweight IT on attractive valuations/cash flows; positive on under-penetrated insurance.Downplayed rupee depreciation and yen carry trade unwind risks, expressing cautious optimism for 2026-27.
India’s mutual fund investors are set to benefit as Securities and Exchange Board of India lowers base expense ratio limits across categories. The cap for index funds and ETFs has been reduced to 0.9% from 1%, while equity-oriented schemes will now have a lower ceiling of 2.10% versus 2.25% earlier. Fund-of-funds investing in passive products will also see tighter limits. Market experts call this a clear win for unit holders, as lower costs can directly improve long-term returns, especially for SIP investors. While there were expectations of sharper cuts, the actual impact on AMC profitability is seen as marginal, with most of the adjustment likely absorbed through lower distributor commissions. Overall, the move strengthens investor-friendly regulation without materially hurting fund houses.
Shares of Ola Electric continue to face intense pressure as promoter Bhavish Aggarwal offloads more stake for the second straight session. Nearly 4.19 crore shares, or 0.95%, were sold for ₹142 crore, taking the total stake sale to around 1.5% worth ₹234 crore. Promoter holding has now slipped to 36.78%. The stock has sunk to a fresh all-time low of ₹31.8, more than halving from its IPO price. Market experts say the sell-off reflects investor discomfort over Ola’s shrinking market share, rising competition, and lack of visible profitability. The Street is sending a clear message—growth alone isn’t enough; sustainable profits matter most, even for new-age businesses.
On Business Today Television's market update, Dalal Street showed mild gains with Nifty around 25,800 (up marginally), supported by Bank Nifty and IT index (up 0.6%, aided by weak rupee benefiting exporters). Metals sector led with Nifty Metals +0.4%, driven by rallies in Hindalco (~₹810-860), Vedanta (fresh highs amid demerger progress), Hindustan Zinc, and Hind Copper. Asset management stocks surged on relief from SEBI's moderated TER cuts. Other gainers: IndiGo, Crompton. Low-volume, scattered trade amid year-end caution; focus on metals and capital market plays.
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On Business Today Television's "What's Hot," expert Sunny Agarwal (SBI Securities) reviewed India's record 2025 IPO market - over 100 mainboard listings raising, the highest ever. OFS dominated, with mixed listings. Top performers included Meesho, alongside others like Stallion Fluorochemicals. 2026 pipeline eyes ₹2-2.5 lakh crore, led by mega issues like Reliance Jio, NSE, Flipkart. SEBI lowered mutual fund base TER caps, enhancing transparency. Contrasts: Meesho blockbuster vs. Ola Electric's sharp decline to all-time lows amid promoter sales/competition. Markets cautious near 25,750, optimistic on 2026 earnings/FII flows.
Shares of Meesho have delivered a stunning post-IPO run, nearly doubling investor wealth in just seven trading sessions and briefly hitting upper circuits. The rally has pushed the company’s market capitalisation past ₹1 lakh crore, with co-founder Vidit Aatrey joining the billionaire club. However, the sharp rise has also triggered the first signs of caution, with the stock cooling off after a steep climb. Analysts point out that valuations have expanded to levels comparable with peers, even as operating losses of over ₹550 crore persist. While optimism was boosted after UBS raised its target, the Street is now watching Meesho’s path to profitability closely. The next leg of the story hinges on execution, margins, and sustained cash flow discipline.
With the Reserve Bank of India slashing repo rates significantly from January 2025 levels, bank fixed deposit returns have hit record lows, prompting a critical look at investment alternatives. The discussion highlights that while borrowers benefit from lower rates, depositors facing inflation and taxes are seeing their returns erode. Experts suggest that 'debt neutral funds as a category is a very attractive category' due to liquidity and tax efficiency. For senior citizens seeking safety, the advice is to 'stick to FD, but try credible private sector FDs' which offer better rates than traditional banks. Additionally, 'multi-asset allocation fund' strategies investing in debt, equity, and commodities are recommended for those willing to take calculated risks. The consensus remains that while 'nothing is zero risk like FD', diversifying into hybrid funds is essential in this low-interest regime.
With inflation under control and CPI readings staying benign, the outlook for interest rates appears largely stable. According to market experts, while inflation may edge up from current low levels, it is unlikely to breach the comfort band set by the Reserve Bank of India. Most rate cuts are believed to be front-loaded, leaving limited scope for further easing. This suggests that interest rates could remain at current levels through the medium term, supporting economic stability without triggering fears of a deflationary spiral. While market forces may eventually push rates higher over the long run, the near-to-medium outlook points to a prolonged pause by the RBI, offering predictability for borrowers, investors, and businesses planning for the year ahead.
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