Rahul Ghose, founder and CEO of Octanom Tech and Hedged.in, has issued a cautious outlook for Indian equities, predicting that the Nifty 50 may deliver marginally negative returns throughout 2026.
The forecast marks a shift from the broader global equity uptrend observed earlier in the year, suggesting that domestic valuations and macroeconomic pressures could cap upside for investors in the near term.
Ghose’s bearish stance for the current calendar year contrasts with his longer-term view.
He anticipates that the current market environment will lay the groundwork for a more meaningful rally in subsequent periods.
The immediate headwinds are expected to persist, driven by elevated valuations and uncertain macroeconomic conditions that have weighed on investor sentiment.
The turning point for Indian equities, according to Ghose, is likely to arrive in the third quarter of fiscal year 2027.