In 2025, Nifty’s returns are expected to be muted due to high valuations and global uncertainties, including Trump’s policies and rising dollar. CLSA favours commodities and insurance while being underweight on IT, discretionary, industrials, and healthcare. Tata Motors, NTPC, Nestle, and Britannia have been added to its India focus portfolio, with HDFC Bank removed.
Mid- and small-cap pressure persists as valuation concerns deepen: Harsha Upadhyaya
Amidst DII buying and FII outflows, mid- and small-cap corrections are driven by valuation and earnings realities, according to Harsha Upadhyaya. He advises caution in