Global Brokerages Share Views on Indian Stocks and Sectors
A host of global brokerages have rolled out fresh sector-level and stock-specific views on building materials, healthcare, pharmaceuticals, and IT services ahead of the next session, covering names such as TCS, HCL Technologies, HDFC Bank, and more.
Cement Sector Outlook
Jefferies maintains a constructive stance on the cement sector heading into 2026/FY27. The brokerage has rated Ambuja Cement as Buy with a target price cut to Rs 760 from Rs 770. JK Cement is also rated Buy with a target price cut to Rs 7,000 from Rs 7,230.
Healthcare Sector Outlook
Jefferies maintains a selective positive view on hospitals, with capacity additions gaining momentum in CY26. Apollo Hospitals is rated Buy with a target price raised to Rs 9,250 from Rs 9,200. Max Healthcare is rated Buy with a target price cut to Rs 1,320 from Rs 1,400.
IT Services Sector Outlook
Citi maintains a Neutral rating and hikes the target price to Rs 1,700 from Rs 1,670 for HCL Technologies. The brokerage has also raised FY27 and FY28 earnings estimates by 2% each. TCS is rated Sell with a target price cut to Rs 3,020 from Rs 3,030.
Banks Sector Outlook
CLSA maintains an Outperform rating with a target price of Rs 1,200 for HDFC Bank. The brokerage believes current concerns around the bank are largely misconceived or temporary. FY27 is expected to be a bounceback year for HDFC Bank.
Inflation Outlook
UBS notes CPI inflation picked up marginally in December. Headline CPI at 1.3% YoY was below consensus expectations. The RBI is nearing the end of its easing cycle, with liquidity provision remaining key. Indian inflation rate is expected to remain stable in the coming months.
Investment Strategy
Morgan Stanley notes that Indian equities appear better positioned heading into 2026, particularly relative to emerging markets. The brokerage prefers domestic cyclicals over defensives and externally facing sectors. Overweight positions are maintained in Financials, Consumer Discretionary, and Industrials.
