Dalal Street Direction Ahead? Rupee Weakness & Gold Rally Explained

In a Business Today's Market Guru Show, Shibani Suri Kurian, Senior Fund Manager at Kotak Mahindra AMC, said Indian markets have consolidated through 2025, underperforming emerging market peers due to tariff uncertainty, muted earnings and FII outflows. However, the Q3 earnings season signals the downgrade cycle is bottoming out. Broader market (Nifty 500) earnings grew mid-teens, led by metals and oil & gas, while Nifty remained low single-digit.Large-caps offer the best risk-reward; mid-caps have pockets of value, but small-caps remain expensive with weak earnings. Kotak stays overweight large-caps and is positive on financials (margin stability, improving credit growth), consumer discretionary (autos), hospitals and capital-market stocks (structural equity penetration). IT is on the radar at reasonable valuations as AI adoption should eventually lift deal-to-revenue conversion. Earnings should accelerate to mid-teens in FY27, driving market returns from here.

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