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Dec 22, 2025, 02:00:02 PM IST
ICICI Direct expects Indian stocks to regain momentum as earnings revive and macro conditions stay supportive, pegging the Nifty 50 at 29,500 and the Sensex at 98,500 by December 2026. The brokerage values the Nifty at 21x FY28E earnings, with EPS projected at Rs 1,400, implying a 15% CAGR over FY26–FY28. With Q2 FY26 marking a turning point in earnings growth and valuations seen as reasonable, ICICI Direct believes select stocks are well placed to outperform. These seven names are its high-conviction bets for CY26.
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ICICI Direct is positive on PSU banks amid a revival in credit growth, stable asset quality and valuations near historical averages. Bank of Baroda is its preferred pick, with the brokerage setting a target price of Rs 340 versus a current market price of Rs 290, implying an upside of about 17%.
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The brokerage expects retail lending to remain resilient, supported by consumption tailwinds and lower interest rates. Bajaj Finance is among ICICI Direct’s top bets, with a target price of Rs 1,180 compared with a current market price of Rs 1,000, indicating an upside of around 18%.
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ICICI Direct expects capital goods and industrials to gain from rising project announcements and strong ordering momentum. NRB Bearings features among its picks, with a target price of Rs 350 versus a current market price of Rs 280, implying an upside of about 25%.
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The brokerage believes IT valuations have bottomed out after recent corrections, with FY26 likely to see a gradual recovery in growth. KPIT Technologies is ICICI Direct’s preferred IT pick, with a target price of Rs 1,475 compared with a current market price of Rs 1,225, translating into an upside of around 20%.
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Telecom is expected to lead earnings growth over FY26–FY28, driven by tariff hikes, rising ARPUs and balance-sheet deleveraging. ICICI Direct has set a target price of Rs 2,450 for Bharti Airtel versus a current market price of Rs 2,095, implying an upside of about 17%.
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ICICI Direct sees real estate on an accelerated growth path, backed by rising urbanisation and favourable demographics. Phoenix Mills is its preferred play in the sector, with a target price of Rs 2,210 compared with a current market price of Rs 1,830, indicating an upside of roughly 21%.
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The brokerage expects the cement sector to enter an upcycle as demand growth outpaces supply, supporting utilisation and margins. Dalmia Bharat offers the highest upside among ICICI Direct’s picks, with a target price of Rs 2,650 versus a current market price of Rs 2,010, implying an upside of about 32%.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
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