Six major brokerages — Morgan Stanley, HSBC, Bank of America Securities, Nomura, Jefferies and ICICI Direct — have identified a group of 75 Indian stocks they believe are best positioned to lead the market in 2026 if macro conditions improve after a weak year for equities. These names have been termed potential “Dhurandhar” stocks that could do the “heavy lifting” for market gains next year.
According to these brokerages, several factors could support a market upturn in 2026, including easing financial conditions, expectations of Reserve Bank of India rate cuts, stable liquidity and an earnings recovery. Their Sensex and Nifty targets suggest a steady, earnings-driven rise rather than a sharp valuation-led rally, reflecting confidence that solid fundamentals will drive returns.
While each brokerage has its own methodology for selecting stocks, common themes emerge across their lists: strong balance sheets, improving earnings visibility and exposure to sectors likely to benefit from economic recovery. Banks, lenders, industrials, consumer brands and infrastructure are among the key sectors highlighted, with additional exposure suggested in telecom, autos and select real-estate plays.
Morgan Stanley emphasises macro recovery and domestic cyclicals, including consumer discretionary and financials, while HSBC focuses on large-cap leadership and earnings acceleration. BofA points to the potential boost from rate cuts and well-off consumption demand, and Nomura urges investors to be selective and avoid overcrowded trades. Jefferies’s strategy highlights value in laggards and sector rotation, and ICICI Direct’s picks are driven by technical breakouts and sector trends.
Taken together, these brokerages suggest that 2026 could offer opportunities for investors willing to track companies with manageable expectations, strong fundamentals and good earnings prospects, making the curated list of 75 stocks key ones to watch as potential drivers of equity market performance next year.
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