By Research desk
Market Performance Recap:
Indian equities entered 2026 with improving sentiment, but January ultimately turned into a meaningful reset month rather than a continuation of prior momentum. The Nifty 50 declined around 3% during January to close near 25,388, reflecting a clear phase of de-risking ahead of the Union Budget and amid persistently firm global yields. The broader market corrected more sharply, signalling that valuations, especially outside large caps, were being recalibrated.
The key driver during the month was institutional flow divergence. Foreign institutional investors were sizeable net sellers, exerting consistent pressure on indices. However, domestic institutional investors absorbed a meaningful portion of the outflows, preventing a deeper drawdown. This domestic support continues to remain an important structural cushion for the market.
February, so far, has been characterised by volatility rather than trend. On Budget day (1st February), the Nifty 50 corrected sharply to 24,825.45 (-1.96%), reacting to policy-related announcements and positioning adjustments. However, the index subsequently recovered part of the losses and is currently hovering around 25,450, which is only about 0.3% higher than January’s close (~25,388).
This price behaviour clearly suggests that despite sharp intramonth swings, the index remains in a consolidation phase, struggling to build sustained upside momentum. Volatility has moderated from the immediate post-Budget spike, with the India VIX cooling to the low-teens range, indicating stabilisation but not strong conviction.
Flow data for February also shows a more balanced setup compared to January. FIIs are only mildly net sellers (approximately ₹1,076 crore MTD), while DIIs have remained strong buyers (around ₹11,474 crore MTD), reinforcing the domestic liquidity backstop.
On the macro front, the Reserve Bank of India kept the repo rate unchanged at 5.25%, and January CPI inflation came in at 2.75%. While inflation remains moderate, the market continues to stay sensitive to global rate cues and domestic liquidity commentary.
In summary, the past two months have not delivered directional strength but rather a phase of consolidation and positioning. January saw a clear valuation reset, and February has so far been about absorbing event risk while holding broadly around prior month levels, setting up a technically and sentiment-wise neutral base as we head into the upcoming month.
Sectoral performance
In January 2026, Indian markets entered a volatile correction phase marked by sharp sectoral rotation and risk-off sentiment, with the Nifty 50 declining 3.0% toward the 25,000 mark amid sustained FII outflows. Metals emerged as the standout performer (+5.9%), supported by firm global commodity prices, China recovery expectations, and renewed interest in aluminium and copper as geopolitical hedges. PSU Banks followed closely (+5.8%), aided by regulatory clarity, steady credit growth, and heavy institutional accumulation in public sector lenders. Oil & Gas and broader Commodities advanced modestly (+1.4–2.0%), benefiting from tariff protections and domestic energy security focus, while IT managed a marginal gain (+0.9%) despite profit-booking pressures.
In contrast, consumption-linked sectors bore the brunt of the correction. FMCG plunged 7.7% as valuation concerns and rural demand weakness weighed heavily, while Consumer Durables (-6.4%) and Auto (-5.1%) corrected on financing cost concerns and slowing momentum. Healthcare and Pharma declined 5.1% amid earnings disappointments, and Realty led the downside (-10.8%) as high borrowing costs and valuation resets intensified pressure.
February 2026 to date has seen a sharp reversal, with broad-based selling dominating sentiment. Realty once again led declines (-10.8%), followed by Auto (-6.4%), Capital Goods (-2.0%), and Media (-2.0%), reflecting demand fragility and post-earnings caution. Even defensives such as FMCG (-1.9%) and Non-Cyclical Consumer (-1.9%) remained under pressure, highlighting limited safe havens. Overall, the period has been defined by a retreat from January’s commodity-led optimism toward a defensive stance, as markets recalibrate amid earnings scrutiny and elevated geopolitical uncertainty.
In the following sections, we provide a more comprehensive examination, outlook and detailed insights of some major sectors:
Auto:
The auto industry has started CY26 on a strong footing, with January wholesales rising ~24.5% YoY and ~14% MoM, indicating healthy demand carryover post festive season and GST-led price rationalisation. Importantly, growth was largely retail-backed rather than inventory-led, as dealer stock levels remained controlled across segments. While MoM momentum may moderate as seasonal tailwinds fade, the annual growth trajectory remains favourable due to a supportive base and improving affordability.
Domestic PV volumes grew ~13% YoY and ~10% MoM in January, reflecting steady urban demand and continued preference for utility vehicles. The structural tilt towards SUVs remains intact, while entry-level demand is stabilising gradually. Exports have also shown strong traction in select markets, adding an incremental growth lever. With inventory levels lean and new model pipelines active, the PV segment is positioned for steady mid-teen growth in the near term. However, pricing actions and input cost trends will remain key sensitivities.
The 2W segment posted robust ~26% YoY and ~19% MoM domestic growth, supported by rural recovery, improved financing conditions and rationalised discounting. Scooter volumes are outpacing motorcycles, signalling an improving urban consumption mix. Export growth remains healthy on a YoY basis (~20%+), although month-on-month volatility persists due to currency and regional demand fluctuations. EV penetration within 2Ws continues to rise, contributing meaningfully to incremental volumes. The segment outlook remains constructive, led by rural income recovery and replacement demand.
CV wholesales expanded nearly ~29% YoY, indicating that the upcycle is gaining traction. Medium and heavy commercial vehicles reported strong double-digit growth, reflecting improved infrastructure activity, construction momentum and replacement demand as fleet ageing peaks. Light commercial vehicles also grew steadily, supported by e-commerce and last-mile logistics demand. However, bus volumes have shown signs of consolidation after a strong previous phase, suggesting near-term moderation in that sub-segment. Overall, the CV cycle appears to be in an early recovery phase with improving capacity utilisation trends.
The tractor industry emerged as the strongest performer, with domestic volumes rising ~47% YoY and ~29% MoM. Growth is being driven by favourable monsoon impact, healthy rabi sowing, improved reservoir levels and continued policy support. Rural liquidity and subsidy schemes are aiding affordability. Given strong base support and sustained farm activity, tractor demand is likely to remain resilient over the coming quarters.
The proposed EU–India trade agreement, which envisages a phased reduction in import duties over 5–10 years, is structurally positive for the premium vehicle ecosystem. However, the near-term impact on domestic OEM pricing remains limited due to the gradual nature of tariff normalisation and currency volatility. Over the medium term, the agreement may accelerate premiumisation without materially disrupting the mass-market segment.
Short Term: Healthy retail-backed growth; moderation in monthly momentum likely as festive boost fades.
Medium Term: Positive bias driven by rural recovery, CV upcycle, premiumisation trend and export support.
Key Monitorables: Rural income trends, commodity costs, inventory levels, EV adoption pace, and interest rate trajectory.
Consumer Durables:
The sector is showing early but visible signs of demand recovery in Q3FY26, with both urban and rural consumption trends stabilising after a prolonged slowdown. Easing food inflation, rate cuts, GST 2.0 benefits and a favourable monsoon are gradually lifting consumer sentiment. Volume growth has begun improving sequentially, and management commentary suggests momentum could strengthen into FY27.
Margins, however, remain in a wait-and-watch phase. Gross margins have been mixed due to input volatility, while higher advertisement spends aimed at regaining market share have delayed EBITDA expansion. That said, stable crude, palm and packaging costs should support gradual margin recovery over the next few quarters.
Structurally, the sector remains a core domestic consumption play. Premiumisation continues to be a key growth driver as consumers shift toward branded and higher-value products. Rural penetration, government spending support, and under-penetrated product categories provide a steady long-term runway.
Short Term: Gradual volume recovery; margin expansion likely to be measured.
Medium Term: Positive bias — supported by rural demand pickup, stable inflation and premiumisation trends.
Key Monitorables: Urban demand sustainability, margin trajectory, and competitive intensity.
Metals:
The steel segment is entering a seasonally stronger phase, with spreads expected to improve in Q4FY26. Domestic HRC prices have rebounded nearly 8% sequentially in Q4 so far after correcting in Q3, supported by the confirmation of safeguard duty extension and resumption of construction activity post-monsoon. Import parity discount has narrowed meaningfully, improving pricing power for domestic producers. While coking coal prices have risen sequentially, lower iron ore costs and higher realised steel prices are likely to support margin expansion with a one-quarter lag benefit.
Raw material trends remain mixed. Coking coal prices have firmed up sequentially, though still lower on a YoY basis, while iron ore prices have stabilised. Overall, improving domestic price realisations and steady volume momentum should aid earnings recovery in the near term.
On the aluminium side, the outlook remains relatively constructive. LME aluminium prices strengthened in Q3FY26 and have continued to trend higher into Q4, supported by resilient global demand, fund inflows into base metals, and supply constraints due to production caps in China. While global supply is expected to remain in slight surplus in CY26, regional deficits in North America and Europe and structural demand from energy transition and battery storage continue to provide support.
However, upstream margin dynamics remain sensitive to alumina prices, which have corrected sharply due to refinery expansions and higher spot availability. Any stabilisation in alumina and bauxite pricing will be key for sustaining margin improvement.
Short Term: Steel spreads improving; aluminium prices supportive but raw material volatility persists.
Medium Term: Positive bias — supported by policy protection, domestic infra demand, and structural global supply discipline.
Key Monitorables: China stimulus measures, global commodity prices, Fed rate trajectory, and geopolitical developments.
Chemical:
The chemicals space is showing early signs of bottoming out after a prolonged downcycle, with Q3FY26 performance indicating stabilisation in volumes and gradual improvement in pricing across select segments. Export-oriented players continue to face muted demand from Europe and China, but inventory normalisation and early restocking trends have started supporting order inflows. Agrochemical demand remains steady, aided by healthy reservoir levels and expectations of a normal monsoon, while specialty chemical players are witnessing improved traction in niche, value-added products.
On the margin front, raw material prices—particularly key crude-linked derivatives—have remained broadly stable, providing cost visibility. However, pricing power is yet to fully return, and competitive intensity from Chinese suppliers continues to cap sharp realisations. Sequential recovery in EBITDA margins is expected as utilisation levels improve and operating leverage kicks in over the next two quarters.
Structurally, the long-term China+1 opportunity remains intact, with global customers diversifying supply chains toward India for specialty intermediates and performance chemicals. Capacity expansions undertaken over the past two years are likely to start contributing meaningfully as demand improves.
Key monitorables: global demand recovery (especially Europe & China), raw material volatility, pricing discipline, and export order momentum.
Overall, the sector appears to be transitioning from a correction phase toward gradual recovery, with FY27 positioned to be stronger than FY26 if global demand sustains and pricing stabilises.
Important events & updates
A few important events of the last month and upcoming ones are as below:
- RBI Policy & Growth Outlook: The RBI kept the repo rate unchanged at 5.25% in February, maintaining a neutral stance. FY26 real GDP was revised up to 7.4%, while FY26 inflation is projected at 2.1%, with FY27 inflation seen around 4–4.2%.
- Union Budget 2026-27: The government set a fiscal deficit target of 4.3% of GDP for FY27 (vs 4.4% FY26 RE), with a record ₹12.2 lakh crore capex allocation (3.1% of GDP) and a long-term debt-to-GDP target of ~50% by FY31.
- India–EU FTA Breakthrough: The India–EU FTA concluded on January 27, 2026 eliminates/reduces tariffs on 96.6% of EU exports to India and 99.5% of Indian goods to the EU, structurally boosting export competitiveness.
- US–India Interim Trade Framework: Announced in February, US tariffs on Indian exports were cut from 50% to 18%, providing relief to export-oriented sectors and reducing external trade risks.
- FII–DII Flow Dynamics: In January, FIIs sold ₹41,435 crore in the cash segment, while DIIs infused ₹69,221 crore, cushioning the correction. In early February, FIIs turned net buyers with ₹2,646 crore inflows.
- Credit & Tax Momentum: Non-food bank credit grew 14.4% YoY in December 2025, led by industrial credit at 13.3%. GST collections in January 2026 rose 6.2% YoY to ₹1.93 lakh crore, reflecting steady formalisation.
- Labour Market & Consumption Indicators: Urban unemployment eased to 6.7% (from 6.9%) and rural to 4% (from 4.4%). Auto retail sales surged 17.6% YoY in January 2026 to 27.2 lakh units, signalling resilient demand.
Fundamental outlook:
India’s overall economic position remains strong as we move into March 2026, but the stock market is no longer rising just because of easy money. Now, performance will depend more on company earnings and investor confidence.
The RBI has already reduced interest rates by 125 basis points, and the repo rate is currently at 5.25%. In its latest meeting, the RBI decided to keep rates unchanged and shifted to a neutral stance. This means further rate cuts are unlikely in the near term. Liquidity is still comfortable, but the big boost from falling interest rates is mostly behind us.
India’s GDP growth for FY26 has been upgraded to 7.4%, showing that the economy is growing at a healthy pace compared to most major countries. The government is also continuing strong spending support. In the Union Budget 2026, capital expenditure has been increased to a record ₹12.2 lakh crore, mainly focused on infrastructure, construction, and manufacturing. This should support sectors like cement, capital goods, and industrial companies.
However, foreign investors (FIIs) have turned cautious in February. On February 19 alone, they sold about ₹880 crore in the cash market and have built large short positions in index futures. Domestic investors (DIIs) have been buying on dips, but their support has not fully stopped market volatility.
Sector-wise, performance is mixed. Metal stocks are showing strength due to better global prices and domestic demand. IT stocks are under pressure because of weak global tech spending. Banking remains stable, but with interest rates steady, strong margin expansion may slow down. Auto and FMCG sectors are steady but not seeing very strong growth.
In summary, the economy remains strong with solid growth and government support. But in the near term, the stock market may remain volatile due to foreign selling and global uncertainty. Going forward, company earnings and sector performance will matter more than just liquidity support.
Technical outlook.
The Nifty 50 is currently in a correction phase after failing to stay above its all-time high of 26,373. On February 19, 2026, the index closed at 25,454, down 1.41%, showing clear rejection near the 25,800–26,000 resistance zone. This confirms that sellers are active at higher levels.
Technically, the index has slipped below its 20-day (25,640), 50-day (25,676), and 100-day EMA (25,588). This indicates short-term weakness and loss of upward momentum. The break below the 100-day EMA, which had acted as strong support since September 2025, suggests that institutional investors are booking profits.
The 200-day EMA at 25,233 is now the most important support level. If the index closes below this level, it could fall toward 25,000–25,100, and further down to 24,600–24,800. On the upside, immediate resistance is placed at 25,650–25,750, while stronger resistance remains at 25,900–26,000, where heavy call writing is visible.
Momentum indicators are also weak. The daily RSI is at 45.6, which shows limited buying strength. India VIX has risen to 13.46, indicating higher volatility ahead. Based on current volatility levels, the expected trading range for March 2026 is roughly 24,475 to 26,435, meaning wider price swings are likely.
Market participation has weakened, with only a few sectors holding above key averages. Metals are relatively strong, while IT, Auto, and FMCG remain under pressure. Bank Nifty is testing support near 60,000, and its movement will be crucial for overall market direction.
In summary, the market has a cautious to slightly bearish bias for March 2026. The 25,000–25,250 zone is a key support area, while 25,750–26,000 remains a strong resistance zone. Until the index moves back above key moving averages with strong buying support, a defensive and selective approach is advisable.
Outlook for the Global Market
US Market:
The U.S. equity market remains rangebound near record highs, with the S&P 500 trading just ~1.7% below its late-January peak of 6,978.60 even after a volatile month. Over the last 30 days, the S&P 500 gained 0.96% to close at 6,861.90, while the Nasdaq Composite declined 1.18% to 22,682.73, signalling a mild rotation away from growth and mega-cap AI leadership. The Dow Jones Industrial Average outperformed with a 1.87% rise to 49,395.16, and the Russell 2000 added 0.75%, indicating selective participation beyond large-cap technology. Index behaviour has largely reflected sharp sector rotations rather than broad directional conviction.
Macro data has been supportive but not decisive. January CPI rose 0.2% m/m, with headline inflation at 2.4% y/y and core at 2.5% y/y—figures interpreted as reinforcing the disinflation trend. At the same time, nonfarm payrolls increased by 130,000 and unemployment edged down to 4.3%, suggesting a cooling yet resilient labour market. Together, these releases have kept the Federal Reserve’s rate path finely balanced: inflation is easing, but employment strength limits the urgency for rate cuts. Markets have therefore oscillated between “soft-landing” optimism and “higher-for-longer” caution.
Beyond macro, policy and geopolitics have driven short-term volatility. Fresh tariff threats against European countries weighed on technology shares early in the period, while oil price spikes linked to potential U.S.–Iran tensions pressured indices toward the end of the window. Additionally, AI-related disruption themes continue to create dispersion—supporting select beneficiaries while raising valuation concerns for industries perceived as vulnerable.
The base case remains continued range trading with elevated rotation. With inflation cooling but core still near 2.5% y/y and payroll growth steady around 130k, every incremental macro print is likely to shift rate expectations and drive tactical moves. Key catalysts include confirmation that core inflation continues to trend lower, any re-acceleration or sharp slowdown in labour data, and renewed policy or geopolitical shocks (particularly trade headlines and oil-linked risks).
Overall, the broader structure remains constructive given resilient earnings and macro stability, but elevated valuations and policy sensitivity suggest gains may remain gradual and uneven rather than trending sharply higher in the near term.
Outlook for Gold
Gold has clearly moved into a different zone in India. After touching a record ₹1,58,000 per 10 grams in January—when global prices also hit lifetime highs—the metal has cooled off slightly and is now hovering around ₹1,54,000–₹1,55,000 post the Budget duty cut. Even with this pullback, prices are still up more than 60% compared to January last year, which is a phenomenal one-year move by any standard. From a technical perspective, the ₹1,49,000–₹1,51,000 band has emerged as an important support area, while ₹1,58,000–₹1,60,000 remains a near-term hurdle. For now, gold seems to be consolidating rather than correcting meaningfully.
What is more interesting is how Indian demand is evolving. Data from the World Gold Council shows that while total gold demand in 2025 declined 11% in volume terms to 710.9 tonnes, the overall value jumped 30% to a record high. Jewellery volumes fell sharply, but spending still increased in rupee terms due to elevated prices. On the other hand, bar and coin demand rose 17% to 280.4 tonnes, the highest level seen in over a decade. This clearly tells us that households are increasingly viewing gold as an investment asset rather than just a consumption product.
The financialisation trend has become even more visible. As per January 2026 data from the Association of Mutual Funds in India, gold ETFs saw net inflows of ₹24,040 crore in a single month actually exceeding equity mutual fund inflows for the first time. Total gold ETF AUM has expanded 255% year-on-year to ₹1.84 lakh crore, and folios have crossed 1.14 crore. Nippon India Mutual Fund remains the largest player in this space. This shift indicates that retail investors are no longer buying gold only in physical form; they are consciously allocating through financial products as part of portfolio strategy.
At the macro level, gold imports have become large enough to impact the trade balance. January imports surged to $12.07 billion, pushing the merchandise trade deficit to a three-month high. A significant portion of that widening was driven by gold alone. This means policy sensitivity is back in focus, any future change in import duties could influence domestic prices and flows quite quickly.
On the institutional side, the Reserve Bank of India continues to steadily increase its gold allocation. With reserves now at 880.18 tonnes and gold forming nearly 14% of total forex reserves (versus barely 4% a year earlier), the message is clear, gold is being treated as a strategic hedge, not just a commodity. Continued repatriation of holdings further strengthens that narrative.
Structurally, the setup for gold in India remains supportive. Strong ETF participation, central bank accumulation, and a behavioural shift among households are creating a more durable demand base. At the same time, elevated prices may keep physical volumes selective, especially outside the festive and wedding seasons.
In the near term, some consolidation around current levels looks healthy after the sharp rally. Dips toward the ₹1,49,000–₹1,51,000 zone could see buying interest re-emerge. Key factors to monitor will be ETF flow momentum, any change in import policy, and global liquidity conditions. Overall, gold has firmly established itself as a core portfolio allocation for Indian investors, with volatility along the way but a structurally strong foundation underneath.
Q3FY26 Earnings Review:
Q3FY26 marked a clear improvement in corporate earnings, with growth accelerating across market segments. After a relatively moderate first half of the year, results for the December quarter show stronger profit expansion and better operating performance.
At the index level, Nifty 50 companies reported 9.1% YoY growth in adjusted net profit, the strongest growth in the last seven quarters. Revenue growth remained healthy at 8.5% YoY, indicating stable demand conditions.
For the broader listed universe, earnings growth was even stronger.
- All listed companies: PAT growth of 18% YoY (vs. 12% in Q2FY26)
- Midcaps: Earnings up 20% YoY
- Smallcaps: Earnings up 28% YoY
This shows that profit recovery is not limited to large caps but is visible across the market.
Ex-financials, Nifty profit growth stood slightly higher at 9.6% YoY, with EBITDA margins improving sequentially, indicating better cost control and operating leverage.
Sector-Wise Highlights
1. Telecom
Telecom was one of the strongest performers this quarter. Revenues grew nearly 19.6% YoY, supported by tariff hikes, broadband expansion, and strong Africa performance (for major players). Profitability also improved due to margin expansion and steady cash flow generation.
2. Metals & Mining
Metals saw strong profit growth of 35%+ YoY, supported by improved realizations in non-ferrous metals such as aluminium, zinc, and silver. While steel players faced pricing pressure due to imports and higher coal costs, margin decline was controlled through cost management. Recent safeguard duty measures may support prices in coming quarters.
3. Capital Goods
Capital goods companies delivered healthy revenue growth of around 10–20% YoY, backed by strong order books and government-led infrastructure spending. Operating margins improved sequentially due to better execution and operating leverage. The government’s capex push continues to support the sector.
4. Oil & Gas
Oil marketing companies reported a sharp earnings improvement due to strong refining margins. Average GRMs for Q3FY26 stood at $11.4 per barrel, up sharply from $4.9 per barrel last year. This was a major contributor to overall earnings growth at the index level.
5. Banking & Financials (BFSI)
The BFSI segment reported steady profit growth of around 8% YoY, supported by healthy credit growth of 12–14% YoY and stable asset quality. NPA levels remain near multi-year lows. However, margin expansion may moderate as rate cuts pause.
6. Auto
Auto companies benefited from GST rate reductions and strong demand. Domestic volumes grew around 18% YoY, while exports rose approximately 25% YoY. However, profit performance was mixed due to global weakness in certain segments (such as JLR impact for Tata Motors). Excluding such impacts, underlying performance remained healthy.
7. FMCG & Pharma
FMCG companies reported mid- to high-single-digit revenue growth, largely volume driven, with improving rural demand. Input cost softening helped margins.
Pharma companies delivered around 14% YoY sales growth in key large caps, supported by strong growth in non-US markets and steady domestic demand.
Operating margins improved across several sectors due to:
- Better capacity utilization
- Lower input cost pressures in select commodities
- Operating leverage from volume growth
In the Nifty ex-financials space, EBITDA margins improved sequentially, reflecting improved efficiency.
Post Q3FY26, earnings momentum appears stronger and more broad-based compared to earlier quarters. Nifty earnings are expected to grow at a 15% CAGR over FY26–FY28E, supported by Telecom, Metals, Capital Goods, and BFSI.
While global uncertainties remain, the combination of government capex, steady domestic demand, and improving corporate profitability supports a constructive medium-term outlook. However, earnings sustainability and margin trends in coming quarters will remain key monitorables.
What should Investors do?
India enters the final quarter of FY26 with growth visibility intact and policy support largely in place. The RBI has already delivered 125 bps of rate cuts, taking the repo rate to 5.25%, and is now in a neutral stance, signalling stability rather than further stimulus. GDP growth has been upgraded to 7.4% for FY26, supported by strong services activity, steady manufacturing momentum, and a record ₹12.2 lakh crore government capex push. Domestic consumption trends, rural recovery post GST rationalisation, and improving infrastructure execution continue to anchor the medium-term growth narrative.
Corporate earnings have moved back into a double-digit expansion phase at the broader market level, with forward Nifty EPS expected to grow at ~15% CAGR over FY26–FY28. Sector leadership is gradually shifting toward Telecom, Metals, Capital Goods and select BFSI names, while IT and some consumption segments are stabilising after a period of underperformance. Margin trends remain healthy in infrastructure-linked sectors, and refinancing conditions are comfortable, though no longer aggressively supportive.
On the market side, the Nifty 50 is undergoing a healthy consolidation after rejecting levels near 26,300+. Volatility has increased, but structural long-term support remains intact around the 200-day moving average zone. Institutional flows show tactical caution from FIIs, balanced partially by steady domestic participation. Derivative positioning suggests a supply band near 25,800–26,000, while strong demand is emerging closer to long-term support.
Our stance remains range-bound in the near term, with 25,000–26,000 acting as the broader consolidation band. Importantly, any decline below 25,200 should be viewed as a favourable medium-term accumulation opportunity, as it aligns with strong technical and structural demand zones.
Overall, India’s structural growth story remains intact, supported by earnings recovery, capex momentum, and macro stability. While volatility may persist in the short term, disciplined accumulation on meaningful dips remains the preferred strategy as the market transitions from liquidity-led expansion to earnings-driven progression.
Disclaimer:
This article should not be construed as investment advice, please consult your Investment Adviser before making any sound investment decision.
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