By Research desk
December 2025 Market Performance Recap:
Indian equities concluded a historic 2025 on a firm note, navigating a volatile December to secure a tenth consecutive year of positive annual returns. The Nifty 50 ended the month at 26,129.60, maintaining its position above the psychological 26,000 mark, while the Sensex finished at 85,220.60. Although the benchmarks witnessed some consolidation following November’s record highs, a “Santa Claus rally” on the final trading day—driven by a 545-point surge in the Sensex—helped markets end the year with a roughly 10% annual gain. The broader market continued to outperform, with midcap and smallcap indices rising approximately 1% in the final week, signaling a rotation back into high-growth segments.
Sectoral leadership shifted toward cyclicals and policy-driven plays. Metals emerged as the standout performer, rallying after the government imposed a 12% safeguard duty on specific steel imports for three years, propelling heavyweights like JSW Steel and Tata Steel to the top of the leaderboards. Oil & Gas stocks followed closely, gaining over 2.5% as Brent crude prices eased to $61 per barrel (down 18% YTD), significantly boosting the outlook for oil marketing companies. Conversely, the Technology sector, which led in November, turned into a laggard as profit-booking hit IT majors like TCS and Tech Mahindra amid concerns over slowing global tech spend. Media and Realty also remained under pressure, ending 2025 as the year’s most significant underperformers.
The macroeconomic “Goldilocks” scenario provided a robust floor for domestic valuations. New data released in December revealed that India’s GDP grew by 8.2% in Q2 FY26, surpassing most consensus estimates. This was complemented by a historic low in retail inflation, which hovered near 0.71%, well below the RBI’s lower tolerance band. While these figures sparked “lower-for-longer” interest rate hopes, the National Statistics Office (NSO) maintained a pragmatic full-year growth forecast of 7.4%. Sentiment was further bolstered by GST collections rising 6.1% to ₹1.74 lakh crore, reflecting steady domestic consumption despite the global trade uncertainties that defined the year.
The tug-of-war in capital flows persisted but showed signs of stabilizing. Foreign Institutional Investors (FIIs) remained net sellers for much of the month, offloading approximately ₹3,844 crore on the final trading day alone, driven by high US Treasury yields and the “Trump Tariff” overhang. However, the domestic liquidity fortress remained impenetrable; Domestic Institutional Investors (DIIs) absorbed these outflows with a massive ₹6,159 crore buy-in on the year’s close. On the currency front, the Rupee faced structural pressure, breaching the 90-mark for the first time in early December before recovering slightly to end the year at 89.87 per US dollar.
Sectoral performance
In December 2025, Indian markets entered a phase of healthy consolidation, pivoting toward cyclical and commodity-driven themes to conclude the year on a resilient note. Metals emerged as the standout performer (+5.2%), energized by the government’s decisive move to impose a 12% safeguard duty on steel imports, which shielded domestic manufacturers from global supply gluts. Oil & Gas followed closely (+3.8%), capitalizing on a significant retreat in Brent crude prices to $61 per barrel, which bolstered the margin outlook for oil marketing companies. Automobiles also witnessed a late-month surge (+2.1%), driven by aggressive year-end inventory clearing and cooling retail inflation that spurred consumer interest in passenger vehicles.
In contrast, the Technology sector (-2.4%) turned from leader to laggard as investors locked in gains following the November rally, coupled with cautious management commentary regarding enterprise spending for the first half of 2026. Real Estate and Media sectors faced notable pressure (-3.1%), weighed down by valuation re-ratings and high borrowing costs that dampened investor appetite for interest-sensitive stocks. FMCG remained sluggish (-1.8%) as the “Goldilocks” macro data—featuring record-low inflation—had yet to translate into a definitive rebound in rural volume growth. Financial Services (+1.4%) maintained a steady trajectory, acting as a stabilizer as heavy DII buying countered FII outflows in the banking heavyweights.
Overall, December was defined by a strategic rotation from growth-oriented IT stocks into value-driven cyclicals—led by Metals and Energy—as the market recalibrated for the 2026 fiscal year. This shift highlighted a growing preference for sectors with domestic policy tailwinds and favorable raw material costs, providing a balanced foundation as the Nifty maintains its foothold above the 26,000 mark heading into the new year.
In the following sections, we provide a more comprehensive examination, outlook and detailed insights of some major sectors:
Auto:
The auto sector enters 2026 with strong momentum after a robust close to December 2025, supported by improving consumer sentiment, GST and interest rate cuts, and year-end demand traction. Industry wholesales rose 31.5% YoY in December, marking one of the strongest exits in recent years, even as volumes moderated sequentially after a seasonally strong November. Two-wheelers and passenger vehicles together accounted for the bulk of incremental volumes, while tractor volumes saw sharper MoM normalisation. With dealer inventories largely in check and discounts aiding conversions, demand visibility into early 2026 remains healthy.
The PV segment remained the key growth driver, registering a solid 29.6% YoY growth in December. Entry-level and compact segments led the recovery, with compact car volumes up 43% YoY and mini cars surging 92% YoY, while utility vehicles grew a steady 33% YoY. Pending bookings remained elevated at ~175,000 units, providing near-term revenue visibility, while dealer inventory compressed to nearly three days of supply, indicating tight channel availability. Electric PV volumes also continued to scale, rising 24% YoY to ~6,900 units, reinforcing gradual EV penetration alongside healthy ICE demand.
Two-wheelers delivered a sharp rebound, with domestic industry volumes rising 38.0% YoY in December, aided by steady rural demand and elevated discounting. Export volumes grew 28.0% YoY, providing additional volume stability. Select OEMs reported domestic growth in the 40–50% YoY range, significantly outperforming the industry average, while scooters emerged as a key growth lever with triple-digit YoY growth in some portfolios. Despite this, the gap between wholesale and retail sales of ~10–12% in parts of the segment warrants monitoring from an inventory perspective.
The CV segment sustained its recovery, with industry volumes increasing 25.6% YoY and 13.8% MoM in December. Growth was broad-based across sub-segments, with strong traction in medium and heavy CVs pointing to improving fleet utilisation and replacement demand. OEM-level volumes generally grew in the 24–28% YoY range, while buses and higher-tonnage trucks continued to outperform, reflecting steady infrastructure execution and improving freight availability.
The tractor segment closed the year on a strong annual note, supported by favourable rural fundamentals and policy tailwinds. Leading OEMs reported domestic tractor volume growth of ~36–37% YoY in December, aided by strong kharif output, higher rabi sowing and improved reservoir levels. On a sequential basis, domestic volumes declined ~29% MoM as demand normalised after the festive peak, a seasonal trend that does not alter the broader rural demand outlook.
Overall, the auto sector enters 2026 on a constructive footing, with industry volumes exiting 2025 at elevated levels and key segments showing mid- to high-double-digit YoY growth. While month-on-month moderation is likely as festive effects fade, improving affordability, easing monetary conditions and supportive rural and infrastructure trends underpin a positive near-term outlook. Volume growth is expected to normalise to mid- to high-single digits over the medium term, with near-term momentum remaining intact.
Consumer Durables:
The Indian consumer durables sector heads into 2026 with a balanced growth outlook, where structural drivers continue to outweigh near-term demand variability. The industry is expected to compound at ~11% over the medium term, scaling toward a market size of nearly ₹3 lakh crore by FY29. Rising disposable incomes, improving power penetration, and supportive policy measures are steadily expanding the addressable market, even as consumption patterns remain selective in the near term.
White goods remain the backbone of sector growth. Production trends toward the end of 2025 highlighted sustained demand, with television output growing ~11% YoY and refrigerator production up ~16% YoY. Air conditioners continue to be the most structurally underpenetrated category, with industry volumes expected to grow in the 10–12% range in FY26, supported by urbanisation, climate-led demand and increasing replacement cycles. While short-term buying decisions remain sensitive to pricing, overall household spending on durable goods has stayed resilient.
A key shift shaping the sector is the clear tilt toward premium and energy-efficient products. Consumers are increasingly bypassing entry-level models in favour of feature-rich appliances, driving value growth ahead of volume growth. Premium segments such as split ACs, frost-free refrigerators and higher-capacity appliances have sustained double-digit growth. Smart appliances are gaining relevance, with roughly one-third of AC sales now linked to connected or intelligent features, reflecting rising acceptance of convenience- and efficiency-led propositions.
Geographically, growth is becoming more broad-based. Tier II, Tier III and rural markets are expanding faster than large metros, supported by better rural electrification, improved farm incomes and easier access to consumer finance. These regions are growing at over 10% CAGR, gradually narrowing the gap with urban markets. Consumer surveys indicate improving confidence and willingness to spend, though actual demand remains skewed toward aspirational and premium purchases rather than mass-volume categories.
Distribution channels are also evolving rapidly. Online sales currently account for about 14% of total consumer durables demand, leaving ample scope for expansion. With India’s e-commerce market projected to grow at a high-teens CAGR through 2028, appliances are seeing deeper penetration across smaller towns. A significant share of new online buyers continues to come from non-metro regions, making omnichannel reach and last-mile logistics increasingly important competitive factors.
On the cost front, elevated commodity prices remain a headwind. Higher copper prices have increased input costs for cooling appliances by ~8–10%, prompting planned price hikes of 5–10% across select categories. The rollout of revised BEE energy norms from January 2026 is expected to further raise prices for ACs and refrigerators, while temporarily impacting volumes as inventories adjust. Over the longer term, however, tighter efficiency standards should enhance product value and support premiumisation.
Overall, 2026 is likely to be a year of consolidation rather than acceleration for the consumer durables sector. Growth is expected to be led by premium products, non-metro demand and efficiency-led innovation, while mass categories may see moderation.
Metals:
The Indian metals sector enters 2026 with healthy earnings momentum, supported by strong domestic demand and selective global supply constraints. Sector earnings grew over 30% in FY26, with FY27 EPS growth expected at ~22%, well ahead of broader market growth. This strength is reflected in market performance, with metal stocks delivering mid-teen returns in 2025 and trading close to cycle highs, indicating confidence in the sustainability of the upcycle.
Steel continues to anchor the sector’s outlook. India remains the fastest-growing major steel market globally, with demand expected to rise close to 9% annually through 2026, driven by infrastructure execution, higher steel intensity in automobiles, and renewable energy investments. Finished steel production exceeded 51 million tonnes in the first four months of FY26, providing a solid base for the year. At the same time, capacity additions of ~23 million tonnes by FY27 support volume growth but raise the need for disciplined execution and export flexibility if domestic absorption slows.
Iron ore dynamics are more mixed. Domestic production has reached record levels, yet remains inadequate to support long-term steel capacity ambitions, resulting in a gradual rise in imports. Globally, however, iron ore prices face pressure from higher seaborne supply and softer Chinese demand, which could limit realizations for miners while offering some cost relief to steel producers.
Copper offers a more favourable structural setup. Supply disruptions and energy-transition demand are expected to keep the global market in deficit through 2026, supporting prices at elevated levels. Demand from power grids, EVs, renewables and data infrastructure remains robust, though short-term volatility cannot be ruled out.
Aluminium demand in India is set to grow at a high single-digit pace, led by power, transport and construction. However, carbon-related regulations and higher energy intensity pose near-term margin risks, making the transition to greener power sources and recycling increasingly important.
Overall, the metals sector in 2026 is positioned for continued earnings strength, led by steel and copper, while iron ore and aluminium face structural and regulatory headwinds. Infrastructure spending and the energy transition remain key demand drivers, but capacity utilisation, cost management and carbon strategy will be critical differentiators.
Banking/Finance:
The Indian banking and financial services sector enters 2026 with stable fundamentals and moderating tailwinds. System-wide credit growth remains resilient at ~11–12% YoY in FY26, translating into incremental credit of ~₹19–20 trillion, driven by retail (≈40% of incremental loans), MSME (≈25%) and corporate capex-linked demand. Financials are expected to deliver mid-teens earnings growth over FY27–28, contributing ~45–50% of Nifty earnings growth over the medium term.
Deposit mobilisation remains the key constraint. Deposit growth is running at ~9.5–10% YoY, lagging loan growth, pushing the system credit–deposit ratio to ~80–82%, close to cycle highs. CASA ratios have declined by 200–300 bps over the past two years, with large private banks now operating at ~38–40% CASA versus ~45% pre-pandemic. Term deposit rates have risen 150–200 bps since FY24, lifting overall cost of funds and compressing spreads, particularly for banks with higher reliance on bulk deposits.
Net interest margins are under near-term pressure. For private banks, NIMs have already contracted by ~20–30 bps in FY26, while PSU banks have seen a more modest 10–15 bps impact due to stronger low-cost deposit franchises. With ~60% of system loans linked to external benchmarks, lending rates have repriced faster than deposits. As policy rates ease further and deposit rates stabilise, margins are expected to bottom out by late FY26, with gradual recovery into FY27.
Asset quality remains a key strength. Gross NPAs for the banking system are at ~2.3%, the lowest level in over a decade, while net NPAs are below 0.8%. Slippage ratios remain contained at ~1.5%, and provision coverage stands healthy at ~75%. Early stress is visible in select unsecured retail and microfinance segments, but these together account for less than 7–8% of system loans, limiting downside risk. Credit costs are expected to normalise from ~0.5% in FY26 to ~0.7–0.8% over FY27.
Capitalisation across the system remains comfortable. Average CET-1 ratios are ~14.5% for private banks and ~15% for PSU banks, providing adequate headroom for growth without near-term equity dilution. RoA for large banks is sustaining above 1.2%, while RoEs remain in the 14–16% range, supporting internal capital generation.
Within financials, insurance premiums are growing at ~12–14% annually, with health insurance outpacing at ~18–20%, while NBFC credit growth continues to exceed banks at ~15–18%, albeit with higher funding sensitivity.
Overall, 2026 is likely to be a year of consolidation rather than expansion. Credit growth remains healthy, asset quality is stable, and margin pressures appear close to peaking. Well-capitalised banks with strong deposit franchises and diversified loan books are better positioned, while profitability momentum is expected to improve gradually as funding conditions normalise.
Important events & updates
A few important events of the last month and upcoming ones are as below:
- The RBI cut rates by 125 basis points total in 2025, with the most recent 25 bps cut in December 2025, pivoting to support growth as inflation stayed well below the 4% target.
- HSBC India Manufacturing PMI eased to 55.0 in December 2025 (vs. 56.6 in November), its lowest in two years, reflecting slower factory output growth and a moderation in new order inflows.
- HSBC India Services PMI moderated to 58.0 in December 2025 (vs. 59.8 in November), the weakest reading since January, as growth in new business and output slowed to 11-month lows, even as export orders accelerated sequentially.
- HSBC India Composite PMI eased to 57.8 in December 2025 (vs. 59.7 in November), the lowest reading of the year, indicating a broad-based moderation in growth across both manufacturing and services.
- India’s real GDP is estimated to grow 7.4% in FY26 (vs 6.5% earlier), beating the government’s 6.3–6.8% guidance and retaining its position as the fastest-growing G20 economy. Growth is driven by higher government spending (5.2% vs 2.3%) and stronger capex (GFCF at 7.8%), while private consumption eased slightly to 7.0% and imports outpaced exports (14.4% vs 6.4%).
- HSBC India Manufacturing PMI eased to 55.0 in December 2025 (vs 56.6 in November), the weakest reading in two years, as factory output and new order growth slowed to their lowest levels since October 2022.
- Unemployment has improved to 4.7%, but December private sector hiring stalled, warning of cautious corporate sentiment. This creates space for credit expansion without overheating but suggests wage pressure will remain moderate.
Fundamental outlook:
India’s fundamental backdrop remains robust entering 2026, anchored by strong GDP growth, low inflation, and supportive monetary and fiscal policies. Real GDP for FY26 is estimated at 7.4%, up from 6.5% in FY25, with H1 growth at 8%, driven by services (7.3% GVA growth) and manufacturing/construction (7.0%), while agriculture remains moderate at 3.1% but supported by healthy Kharif output and reservoir levels. Private consumption is projected at 7.0% YoY, and gross fixed capital formation at 7.8%, underpinned by government capex up 32.4% during April–October 2025. High-frequency indicators confirm domestic demand resilience: peak power demand reached 241 GW in December, fuel consumption rose 5.3% YoY, UPI transaction volumes hit 21.6 billion, and December passenger vehicle sales jumped 26.64% YoY with rural sales surging 32.4%.
Monetary conditions remain accommodative, with cumulative RBI rate cuts of 125 bps bringing the repo rate to 5.25% and headline CPI at multi-year lows of 0.25% (October 2025). Liquidity has been supportive, enabling credit growth of 10.8–11.5% for banks, while NBFCs are expected to report AUM growth of 20% YoY in Q3FY26. Q3 earnings reflect selective recovery: BFSI, FMCG, and autos are driving growth, with auto OEMs’ revenue/EBITDA/PAT expected to rise ~26%/30%/28% YoY, aided by GST rationalisation and strong rural demand. Cement demand is projected to grow 11% YoY, led by infrastructure and affordable housing, while IT services show moderate growth constrained by client caution and trade uncertainties. Steel and aluminum names display divergence, with aluminum benefiting from supply constraints (+10% YoY) and steel facing margin pressure due to lower realizations and higher input costs. Overall, fundamentals support a constructive medium-term outlook, though global trade tensions and sectoral earnings variability present near-term risks.
Technical outlook.
The Nifty 50 is in a corrective phase, trading at 25,683 as of January 9, 2026, after record highs near 26,340. The index has breached key supports, including the 20-day EMA (26,062) and 50-day EMA (25,908), with lower highs and lower lows forming a short-term bearish structure. The 14-day RSI at 26.69 signals oversold conditions, while MACD remains negative, reflecting bearish momentum. Volatility has increased, with India VIX at 10.93, and the Put-Call Ratio at 0.49 highlights a call-heavy, cautious positioning. Institutional flows show DIIs providing net support of ₹17,900 crore amid FII selling of ₹11,784 crore through January 9, preventing sharp capitulation but limiting upside.
Immediate support lies at 25,507–25,650, with critical support at 25,300–25,431 and the 200-day EMA at 25,127. Resistance is observed at 25,861–25,900, with extended resistance at 25,970–26,100. Technical conditions suggest near-term consolidation with downside bias, though oversold indicators could trigger a relief bounce if support holds. Sectoral strength is visible in autos, banking, and select metals, while mid and small caps remain under pressure, highlighting the importance of selective positioning. Overall, the technical outlook indicates range-bound trading in the near term, with key support and resistance levels likely to dictate directional moves.
Outlook for the Global Market
US Market:
The US equity market enters 2026 on solid fundamental and macroeconomic footing. Wall Street consensus expects double-digit earnings growth in 2026, with S&P 500 earnings per share (EPS) projected around $305–$310, implying roughly 12–15 % growth year-over-year, underpinned by resilient corporate profitability and AI-driven productivity gains. Several major strategists forecast broad S&P 500 earnings expansion: 14–15 % consensus EPS growth, with revenue growth near 7 % as corporates benefit from sustained demand and investment cycles. Forward price-to-earnings ratios remain elevated around 22–23×, above both five- and ten-year averages, reflecting optimism about future growth conditions.
Macroeconomic indicators paint a cautiously supportive backdrop for equities but also highlight headwinds. Recent labor market data showed just 50,000 jobs added in December 2025, the lowest monthly gain since the pandemic, though the unemployment rate modestly fell to 4.4 % and wage growth stayed elevated at 3.8 %, signaling a still-tight but slowing labor market. This has reinforced expectations that the Federal Reserve will maintain rates near 3.5–3.75 % early in 2026, with markets pricing in potential rate cuts later in the year if inflation persists near target and growth softens. Meanwhile, recent inflation readings have been cooler, supporting market sentiment that rate easing is sustainable, at least gradually.
Growth forecasts for the broader economy remain modest yet constructive, with multiple institutional forecasts centering on ~2 % US GDP growth in 2026, reflecting continued consumer demand, reduced tariff drag, and investment in structural areas like AI and technology. Broad strategist coverage indicates the economy may avoid recession and support equity returns if earnings delivery keeps pace with expectations. However, risks persist: trade policy uncertainty, elevated asset valuations, and geopolitical tensions could introduce volatility. Persistent inflation above the Fed’s 2 % target in early releases may delay further rate cuts, while the uneven labor market and consumer confidence may temper growth later in the year. Recent market commentary underscores optimism but warns against overconfidence amid these uncertainties.
Outlook for Gold
Gold enters 2026 in strong bull-market territory, trading near $4,563 per ounce after a 65.6% year-on-year gain, following a brief correction from December 2025 highs. Technical indicators confirm the uptrend, with support holding at $4,260–4,425 and near-term resistance around $4,700–4,800. In India, 24-carat gold has reached record levels of ₹1,44,000 per 10 grams, with dips offering tactical accumulation opportunities. Sustained ETF inflows and retail repositioning further support prices, while the Federal Reserve’s easing bias, with expected 50–60bp rate cuts in 2026, reduces the opportunity cost of holding non-yielding gold.
Structural demand from central banks remains the primary driver. Global official purchases totaled ~900 tonnes in 2025, and surveys indicate most central banks plan further accumulation, with many now accelerating purchases to 1,200–1,500 tonnes annually following the January US intervention in Venezuela. This event, where Venezuelan reserves were seized, validates de-dollarization strategies and expands gold’s geopolitical risk premium, now estimated at 4–7%. Coupled with limited supply growth—global mine production plateauing due to regulatory, labor, and ore-quality constraints—gold faces a multi-year structural imbalance supporting higher prices.
Considering these factors, gold’s 2026 outlook is strongly bullish. Price targets are $4,900–5,100 as a base case, with a 70% probability of reaching $5,000–5,300 if central bank buying, geopolitical tensions, and de-dollarization accelerate. The Venezuela precedent has transformed gold from optional insurance into an essential portfolio hedge against geopolitical risk, dollar debasement, and sanctions, making accumulation on dips—toward ₹1,40,000–1,42,000 for 24-carat in India—strategically justified for investors seeking portfolio protection and long-term stability.
Current Geopolitical events:
Venezuela:
The U.S. intervention in Venezuela on January 3, 2026 represents a major geopolitical shock that has immediate and structural market implications. On that date, U.S. forces conducted a large-scale military operation in Venezuela, resulting in the capture of President Nicolás Maduro and his wife and their transfer to the United States — an unprecedented action in Latin America and a sharp escalation in U.S. foreign policy. The move, widely condemned as a violation of international law and Venezuelan sovereignty, has drawn global criticism even as interim President Delcy Rodríguez assumes a conciliatory tone toward Washington. Oil markets initially saw downward pressure as traders priced in the prospect of increased Venezuelan crude entering global supply under U.S. management. Meanwhile, the political risk premium in commodities markets, particularly gold, has risen as central banks reassess reserve strategies; with trust in dollar-based reserves shaken, gold demand and risk pricing have strengthened. Emerging market currencies and equities have also experienced volatility as capital shifts toward safer assets amid heightened geopolitical uncertainty.
Policy escalations:
The Trump administration’s broad tariff regime — including 50% duties on metals and other goods and proposed secondary tariffs of up to 500% on countries importing Russian oil — has heightened trade costs and uncertainty for major economies including India and China. These measures are contributing to slower global growth forecasts, with the United Nations estimating world GDP expansion at around 2.7% in 2026 as elevated tariffs dampen investment and consumption. Higher tariffs are also stoking inflationary pressures by raising import costs, complicating central banks’ policy decisions and limiting the scope for rate cuts. For emerging markets, the combined effect of geopolitical risk premiums and tariff-induced cost pressures is eroding earnings prospects and adding to currency stress, while supply chains continue realignment under increased protectionism. Gold continues to benefit from the risk-off environment, attracting both safe-haven flows and hedge demand against potential inflation and reserve diversification.
What could Investors do?
India’s economy continues to demonstrate resilience, supported by strong domestic demand, record consumption indicators, and accommodative monetary conditions. While Q3FY26 earnings are expected to be selective, sectors such as Banking, Auto, and Infrastructure are likely to benefit from continued policy tailwinds, festive and rural demand, and easing input costs. However, global developments are increasingly shaping the near-term risk landscape. The U.S. military intervention in Venezuela has heightened geopolitical uncertainty, driving gold accumulation and increasing volatility in emerging market currencies. At the same time, U.S. tariff measures and broader trade fragmentation are raising input costs and creating headwinds for export-oriented sectors, including India’s energy and manufacturing exposure. These external factors add a structural risk premium, even as domestic fundamentals remain supportive.
Equity markets are reflecting this heightened caution, with Nifty 50 trading below 26,000 amid persistent FII outflows despite DII support. Technical indicators and volatility suggest oversold conditions, yet near-term market direction will likely hinge on the resolution of trade-related uncertainties, global risk sentiment, and corporate earnings delivery. In this environment, a disciplined approach focused on large-cap and domestic demand-driven sectors remains prudent, while selective “buy on dips” strategies can help navigate volatility. Overall, India’s structural growth story remains intact, but the interplay of domestic strength and intensifying global headwinds will define market performance in the early months of 2026.
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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