ICICI Direct’s Pankaj Pandey believes India’s Nifty has structurally transformed, making historical valuation comparisons obsolete. He suggests current valuations, though seemingly rich at 20x FY27 PE, are justified by evolving business models and high-growth companies. Pandey favors BFSI, particularly AMCs and banks, and advises against holding excessive cash, recommending instead a shift to defensive large-caps during market downturns.
10 largecap stocks with upside potential up to 37%. Do you own any?
Trendlyne’s consensus estimates identify 10 BSE large-cap stocks with potential upside of 25% to 37% over the next 12 months. HDFC Bank and HDFC Life
August 2, 2026