Core View - The Indian equity market is expected to recover in 2026, supported by falling inflation, Reserve Bank of India rate cuts, stable domestic liquidity, and policy support for consumption and capital expenditure [1][19] Group 1: Market Outlook - Six leading brokerages project a positive outlook for Indian equities, with index targets clustered around mid-90,000s for the Sensex and close to 29,000–30,000 for the Nifty, indicating expectations of steady, earnings-led gains rather than valuation expansion [19] - Morgan Stanley forecasts the Sensex to rise to 95,000 by December 2026, driven by policy pivots supporting nominal growth and earnings compounding at a 17% CAGR through FY2028 [19] - BofA Securities targets the Nifty at 29,000 by end-2026, emphasizing that returns will largely track earnings growth rather than valuation expansion [7][19] Group 2: Preferred Sectors and Stocks - Financials, consumer discretionary, and industrials dominate the opportunity set, while telecom, autos, and select real estate plays add depth [1][19] - Morgan Stanley highlights Maruti Suzuki India, Trent, and Titan Company in consumer discretionary, with Bajaj Finance and ICICI Bank anchoring its financials call [5][19] - HSBC names Infosys as its top IT pick, State Bank of India as its favored PSU bank, and Mahindra & Mahindra as a key beneficiary in autos [6][19] - BofA's buy-rated universe includes airlines, autos, consumption, utilities, financials, and real estate, with specific mentions of Maruti Suzuki India, Mahindra & Mahindra, and Titan Company [9][10][19] Group 3: Investment Strategy - The brokerages prefer stocks with manageable expectations, strong balance sheets, and improving earnings visibility, resulting in a concentrated universe of names across various sectors [2][19] - Nomura urges investors to focus on areas with lower expectations and improving narratives, warning against crowded trades where valuations leave little room for disappointment [11][12][19] - Jefferies emphasizes sector rotation and valuation discipline, focusing on lending financials, telecom, property, autos, cement, and utilities [14][20] Group 4: Key Stock Picks - Key stock picks include Bajaj Finserv, Indian Oil Corporation, LTIMindtree, and Pidilite Industries, reflecting a combination of technical breakouts and improving fundamentals [17][20] - ICICI Direct's top picks include Bajaj Finserv, Indian Oil Corporation, and LTIMindtree, with a focus on sectors expected to benefit from stable interest rates and a pickup in domestic demand [16][20] Group 5: Conclusion - The six brokerages collectively identify 75 carefully chosen stocks that are expected to perform well in 2026, emphasizing the importance of substance over hype in the coming year [18][19]

Market Trend - Bitcoin whales are increasing their accumulation, driven by improved macro tailwinds [1]

Core Viewpoint - Gold is experiencing its hottest year since 1979, with Fresnillo Plc significantly benefiting from this trend, showing a year-to-date gain of over 300% and outperforming its peers by approximately 200% [1][2]. Group 1: Fresnillo's Performance - Fresnillo has become the top performer in the FTSE100, with a year-to-date increase of over 300% and leading the market both year-to-date and year-over-year [2]. - JPMorgan upgraded Fresnillo to Overweight in April 2024, indicating strong confidence in the stock's potential for further growth [2]. Group 2: Market Drivers - JPMorgan identifies macro tailwinds and positive tail risks for gold as key factors driving Fresnillo's performance, suggesting that there is still room for further gains despite gold already reaching new highs [3]. - The gold price has surpassed JPMorgan's forecast of over $4,000 per ounce, with potential scenarios indicating that a shift of foreign-owned U.S. assets into gold could push prices to $6,000 per ounce, enhancing Fresnillo's leverage in the market [3][4]. Group 3: Investment Outlook - Investors are closely monitoring Fresnillo as it leads the charge in the gold market, with JPMorgan's projection of an 80% potential upside positioning it as a top pick for those looking to capitalize on the ongoing gold rally [5].