Brokerages Highlight Selective Indian Stocks Amid Broader Market Decline
As geopolitical tensions and high oil prices drag the Nifty 50 down 8% this year, major brokerages are identifying specific large, mid, and small-cap equities poised for significant upside.
Goldman Sachs, Axis, and InCred Equities have identified a dozen Indian stocks across market capitalizations that offer compelling upside potential. This comes despite the Nifty 50 index falling 8% in 2026 amid the Iran war and elevated oil prices.
This divergence signals that institutional investors are looking past macroeconomic headwinds to target company-specific fundamentals. The recommendations span battered large-cap giants and high-growth mid-tier operators.
Goldman Sachs maintains a bullish stance on several large-cap names that have faced heavy selling pressure. Reliance Industries, India’s largest conglomerate with interests in energy, retail, and telecommunications, has dropped 18.5% year-to-date. Similarly, HDFC Bank, the country’s largest private sector lender, is flagged as a top pick despite a 24% decline this year.
Conversely, Goldman also favors Adani Group stocks that have already rallied significantly. Adani Power has surged 46% in 2026, while Adani Enterprises has gained 39.20%, making it the top performer on the Nifty this year.
InCred Equities is projecting substantial upside for several mid and small-cap firms. The brokerage assigned a target of 705 rupees to the Container Corporation of India, implying a 47% gain from its current 480-rupee level. APAR Industries received a 17,350-rupee target, offering a 27% upside from 13,632 rupees.
InCred also highlighted Tenneco Clean Air India for a 23% potential gain and Home First Finance Company India for a 17% upside to 1,450 rupees. Axis contributed to the list with a 1,000-rupee target on Chalet Hotels, suggesting a 22% upside for the premium hotel operator.
Axis also sees a 20% upside for Ujjivan Small Finance Bank, pricing it at 78 rupees. The bank primarily serves low and middle-income demographics in urban areas after transitioning from a non-banking financial company in 2017.
Rounding out the brokerage picks, Minda Corporation, an automotive components manufacturer, carries a target implying a 17% upside to 785 rupees. Healthcare Global Enterprises, which operates nearly 22 comprehensive cancer centers, is forecast to gain 12% to reach 750 rupees.
