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In the current environment, steady reforms combined with clearer earnings visibility will be crucial for reviving foreign investor participation, said Kotak Life's Radhavi Deshpande.
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Prosenjit Ganguly expects overall growth trajectory will continue to be well supported & tread a path of above par economic growth irrespective of intermittent shocks
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Real estate’s ripple effect on more than 200 other allied industries such as cement, steel, building materials, services, logistics, etc has the ability to create millions of jobs directly and indirectly, said Pankaj Pandey.
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Tariffs are a sentiment overhang and a short-term headache for markets, but they don’t materially alter the underlying fundamentals of the Indian economy or its long-term earnings trajectory, said Puneet Sharma.
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While through recent consolidation, froth has come out in many segments of midcap and smallcap space, but aggregate valuations still remain high, said Varun Lohchab.
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Sectors such as banks, metals, autos, and few capital goods are poised to benefit from sustained infrastructure push, uptick in credit growth, and consumption trends, said Karthik S.
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We expect the fiscal and monetary initiatives to start reflecting in the Q3 earnings and expect Q4 also to exhibit strong earnings growth.
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As global headwinds fade, AI trade crowding normalises, and earnings recovery becomes more visible, FII flows are likely to return gradually well before earnings growth fully settles into the mid-teens, said Anil Rego.
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Trilok Agarwal believes FY27 EPS growth will be in the low double-digit instead of mid-teens, leading to expectations of earnings normalisation rather than acceleration
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The bigger support to growth will come from liquidity management, efficient policy transmission, and coordination between fiscal and monetary policy rather than headline rate cuts, said Gaurav Didwania.
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The December-quarter (Q3 FY26) earnings season is widely expected to build a strong base for subsequent quarters.
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Delay in India–US tariff agreement could weigh on markets despite reasonable valuations of around 20x earnings and India's premium to emerging markets remaining below long-term averages, said LGT’s Chakri Lokapriya
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In Budget 2026, continuity in public capex, particularly in infrastructure, defence, energy transition, and logistics, will sustain the investment cycle, said Pradeep Gupta.
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In the near term, focus is firmly on the upcoming Union Budget and the extent to which the government is willing to deploy fiscal measures to support growth, said Divam Sharma.
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IT sector looks especially compelling on a 3–5 year view, as the sector is back to its historical valuation range, said Carnelian’s Manoj Bahety.
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Budget 2026 is likely to emphasize targeted, sector-specific incentives aimed at crowding in private capital expenditure, said Quest’s Rakesh Vyas.
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In the upcoming Union Budget, Vikas Gupta believes the Government can unleash large capex plans under infrastructure, power, railways and defence.
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Ashish Gupta of Axis MF maintains an overweight stance on consumption. The positive impact of GST rationalization is seen across consumer discretionary companies which have reported strong festive-season sales.
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With expansionary fiscal and monetary policies, India could see acceleration in nominal GDP growth, which is one critical item for corporate earnings growth, said Chanchal Agarwal.
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With valuations now normalized to more reasonable levels and corporate earnings showing signs of improvement, the outlook favours Indian markets in the year ahead, said Shailendra Kumar.
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While global challenges may persist, domestic-facing sectors with stronger balance sheets and operating leverage are better positioned to deliver positive earnings surprises, said Siddharth Vora.
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While a US trade deal could boost investor confidence, it's uncertain if large-scale FPI inflow will occur only after the deal, said Mohit Bhatia.
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Real estate could see a pickup in activity as new launches recover after a softer 2025, particularly among stronger developers, DSP MF’s Vinit Sambre said.
According to him, both gold and silver appear expensive relative to their long-term history, and recent returns may be difficult to sustain. “With limited upside and a weak margin of safety, we would avoid making fresh, aggressive allocations,” he advised.
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For US markets, Arindam Mandal thinks 2026 is unlikely to be a simple repeat of recent years, but opportunities should still exist beneath the surface.
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High metal intensity required for data centers and electric vehicle architecture ensures a long-term growth trajectory, said Jimeet Modi.
