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Below the Perspective on Markets 29th Oct 2025 by Mr. Vikram Kasat, Head - Advisory, PL Capital

“Indian Equity Markets are approaching record highs near 26000 as festive and wedding season demand, stronger domestic sentiment, and optimism over a potential US-India trade deal drive momentum

-After 12–15 months of underperformance following the post-Covid boom (FY21–24), the economy is emerging from a phase of normalization, with consumption and capex expected to revive as fiscal and monetary measures take effect

-NIFTY is currently trading at 19x 1-year forward EPS, which is at 1% discount to 15-year average and is at a discount of 5.5% to 10-year average PE of 20.1x. 

-We value NIFTY at 15-year average PE of 19.2x with Sept27 EPS of 1499 and arrive at 12-month target of 28781 implying an 10-11% upside from current levels, supported by improving macro tailwinds and expanding opportunities for active stock pickers

We like SBI, TataSteel, IDFC First Bank, Hindustan Aeronautics, JSWENERGY, Delhivery and MCX”

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