India-based brokerage firm Axis Securities has revised its Nifty 50 target to 26,300 for March 2026, supported by strong earnings and improved investor sentiment. Despite global uncertainties, the firm maintains a bullish outlook on domestic sectors and has restructured its portfolio accordingly.
Axis Securities, a prominent Indian brokerage headquartered in Mumbai, Maharashtra, has raised its Nifty 50 index target to 26,300 for March 2026, citing robust earnings growth, improving market sentiment, and strong macroeconomic indicators. The firm, a wholly owned subsidiary of Axis Bank, also noted that while short-term consolidation is likely due to global economic risks, India remains a stable and attractive market for investors.
Since March 2025, the Indian equity market has staged a strong recovery. The Nifty 50 index surged by 12% from its February lows, while the Midcap and Smallcap indices rose by 20% and 22%, respectively. Axis Securities attributed this performance to upbeat Q4FY25 earnings, easing geopolitical tensions, and improved trade relations.
In its latest market outlook, the firm remains overweight on large-cap domestic-facing sectors such as private banks, telecom, consumer goods, and healthcare. Top stock picks include HDFC Bank, State Bank of India (SBI), ICICI Bank, Bharti Airtel, Sansera Engineering, and Avenue Supermarts (DMart).
Axis Securities also noted ongoing macroeconomic risks such as global trade policy uncertainty, US bond yield fluctuations, and a volatile dollar index. These could lead to short-term market consolidation. However, the brokerage sees continued earnings growth and policy support in India as key strengths.
In valuation terms, Axis has adjusted its framework to value the Nifty at 20x FY27 earnings, up from 19x earlier. The firm expects Nifty earnings to grow at a 14% CAGR from FY23 to FY27, driven primarily by the financial sector.
In a bullish scenario, the brokerage sees the Nifty touching 27,600 by March 2026, assuming a globally stable macroeconomic environment. In contrast, its bear case sets the target at 22,300, assuming policy disruptions and trade headwinds.
By rebalancing its portfolio—booking profits in Dalmia Bharat and adding Sansera Engineering—Axis aims to align with its updated strategy focused on quality and defensiveness during market transitions.
With India’s economic resilience standing out globally, Axis Securities’ outlook reflects growing investor confidence in the country’s growth trajectory through FY26.
