The brokerage also reflected on the market volatility of September, which followed at a strong meeting from May to August 2025. Although the announcement of GST 2.0, which rationalized tax plates and most items were moved to the 5% and 18% brackets, was seen as a positive trigger, the market did not hold a momentum.
This was attributed to factors such as the delayed impact of GST 2.0 reforms, currency declarations, inventory overhang, foreign institutional sale and uncertainty in the global policy direction, in particular in the US.
Looking ahead, Axis Securities emphasized four important global factors to control: American policy developments, mutual tax negotiations, actions of American nourished tariff actions and the trajectory of currency and oil prices.
In the Domestic Front, it is expected that several factors will support the profit recovery in FY26, including a consumption-guided consumption boost, monetary relaxation by the RBI and continuous effects of GST 2.0. The brokerage is of the opinion that the transfer of these positive developments in FY26 will accelerate, especially because company profits start to reflect supporting policy actions.
Although the pace of these benefits remains an important variable, early signs of rural recovery and resilient domestic demand can help contain risks and maintain a positive momentum on the Indian stock markets.Also read: Dussehra 2025: 45 Multibagger -deliver to 11,400% return in 1 year
((Indemnification: Recommendations, suggestions, views and opinions of the experts are their own. These do not represent the views of economic times)
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