India's macro strength and market breadth signal uptrend, says Motilal Oswal

Gautam Duggad, Head of Research at Motilal Oswal Financial Services, says India’s macro fundamentals are at their strongest in decades. He expects the Nifty to edge toward 26,000 by the end of 2025, which would also allow enough time for valuations to "cool off". He is bullish on non-banking financials, capital markets, and quick commerce players, though he remains cautious on EVs and IT services. The biggest risk to the equity outlook, he says, will be on the external front.