BofA Securities is expecting Nifty50 to hit 29,000 mark in next calendar year, offering 11.5% upside for the investors. The overseas brokerage firm also believes that largecap stocks will outperform smallcap and midcap (SMID) counters, similar to trends seen in calendar year 2025. BofA Securities emphasises that further valuation expansion for Indian equities is limited, with upside to be led by earnings growth. Advertisement

That said, SMID cap now offers some opportunities within financials, IT, chemicals, jewelry, consumer durables and hotel sectors, said BofA Securities. However, risks seem skewed to the upside based on potential reforms, likely FII outflows’ reversal and events calendar. Downside risks, if plays out, could especially lead to sharp SMID cap correction, it said.

The

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