The Indian equity market demonstrated strong resilience, recovering from a sharp 17% drawdown in September 2024 to reach a new all-time high by the end of CY25. Despite global uncertainties and underperformance relative to developed and emerging markets during CY25 YTD, the Nifty 50 index bounced back sharply.
Kotak Securities projects a base case Nifty target of 29,120 by December 2026, valuing it at 20x FY28E EPS of Rs 1,456. In a bull case, applying a 22x PE, Nifty could touch 32,032. The rally is expected to be driven by strong earnings growth and stable macroeconomic factors. Here are top 9 actors according to Kotak Securities: