Brokerages’ Stock Picks Today: TCS, HCL Technologies, HDFC Bank And More
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 Rubicon Research, HDFC Bank, Bajaj Finance HCL Technologies and TCS.
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. Dalmia Bharat is rated Buy with a target price marginally cut to Rs 2,620 from Rs 2,625.
Jefferies expects the cement sector to build on FY26 profitability gains. Demand resilience remains intact despite volatility in government capex. Capacity additions are rising, but utilisation is expected to remain around 70%. A more consolidated market structure supports improved pricing discipline. Rising leverage could lead to a sharper balance between volumes and returns, enabling steady EBITDA per tonne expansion.
For more information on the cement sector outlook, please visit our website.
Hospitality 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. Medanta is rated Buy with a target price cut to Rs 1,410 from Rs 1,460. Agarwal Eye is rated Hold with a target price raised to Rs 530 from Rs 480.
For more information on the hospitality sector outlook, please visit our website.
Pharmaceuticals Sector Outlook
Jefferies maintains a Buy rating on Navin Fluorine and hikes the target price to Rs 6,940 from Rs 6,635. SRF is maintained at Underperform, with the target price raised to Rs 2,660 from Rs 2,570. PI Industries is maintained at Buy with a target price of Rs 4,180.
For more information on the pharmaceuticals sector outlook, please visit our website.
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. Q3 performance was above expectations across most metrics. Deal TCV remained healthy. Forward-looking indicators continue to look better than peers. Management is focused on identifying new spending areas and targeting them.
For more information on the IT services sector outlook, please visit our website.
HDFC Bank 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. The stock is trading at a 10–12% discount to ICICI Bank.
For more information on HDFC Bank outlook, please visit our website.
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. Food prices declined sequentially in December. Core inflation picked up during the month.
For more information on the inflation outlook, please visit our website.
Indian Equities Outlook
Morgan Stanley notes that Indian equities appear better positioned heading into 2026, particularly relative to emerging markets. In early 2020, Morgan Stanley highlighted that an equal-weighted portfolio of gold and equities offered superior prospects. Over the past five years, such an equal-weighted portfolio has compounded at 17%, compared with 13% for equities and 21% for gold.
For more information on the Indian equities outlook, please visit our website.