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New Delhi: Even though the stock market touched its fresh peak before the end of the current year, it has not been able to give investors as much return as expected. Due to the impact of tariffs, the fall in Rupee and the relentless selling by foreign investors, there was a lot of fluctuation in the stock market. Whereas, the prices of gold and silver have broken decades old records in terms of returns. Gold prices have given a return of 71 percent to investors in the futures market, while silver jumped 121 percent in 2025 so far. Now, with 2026 approaching, let’s see whether investments in gold, silver would be more beneficial or pumping money in the stock market would yield more profits. Brokerage firm Kotak Securities has released its report regarding the same. Let’s see what the brokerage house has predicted.
Nifty's earnings forecast has strengthened further. It is expected that Nifty's profit will increase by 17.6 percent in FY27 and 14.8 percent in FY28.
Base case: Nifty is expected to reach 29,120 by December 2026. Assuming that the estimated EPS of FY28 will be Rs 1,456, the P/E ratio of Nifty will be 20.0.
Bull case and bear case: Nifty's target can go up to 32,032. In the case of going down, the Nifty may come down to 26,208.
Hot sectors for 2026: BFSI (Banking and Financial Services), Technology, Healthcare and Hospitality.
Gold performed strongly in 2025, its price rose more than 55 percent and crossed $4,000 per ounce. The reason for this was global uncertainty, geo-political tension and huge purchases by central banks.
In India, that is, at the domestic level, the price of gold in the futures market has increased by about 71 percent so far. This included the effect of weakening the Rupee.
This year silver did better than gold, and the futures market has seen an increase of 121 percent. This was due to safe-haven demand, supply constraints, and structural issues, although the challenges associated with industrial tax remained.
Crude oil prices went down by 19 percent, because the supply was high and the impact of geo-political events was reduced. This created an atmosphere of caution in the oil market for 2026.
Base metals such as copper and aluminium remained strong, as increased demand for electrification, reduced supply and structural tightness supported them, although prices continued to fluctuate.
Shripal Shah, MD and CEO of Kotak Securities, said that India remains a strong center of growth in the midst of global challenges. Our opinion on equities is positive, because corporate earnings are expected to be good and the policy environment is also supportive. Gold will continue to shine as a safe investment option in 2026. With the increasing participation of young investors, the market will gain more strength and new opportunities for wealth creation will be created. On the industry front, he further said that according to the latest SEBI (SEBI) survey, 63 percent of households know about at least one securities market product, but only 9.5 percent of households actually invest. This means that there is still a huge untapped potential in India's equity market.
(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, gold, silver and crypto assets.)
