Nikhil Khandelwal, the Chairman & Managing Director at Systematix Group, believes the market is increasingly a stock-picker’s market as valuations narrow and forward PEs stay elevated.

For 2026, he favours quality financials and banks benefiting from credit recovery, capital goods and industrials supported by the private capex cycle and select export-oriented names with stable margins.

However, he believes the investors shouldn’t be overweight on companies in the solar sector that are doing run-of-the-mill business in the solar value chain, while for the sectors that are significantly dependent on government capex, the year 2026 will be muted. Is the equity market being challenged by rupee depreciation and the delay in the trade deal? Could 2026 turn out to be a surprising year for the e

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