While retaining its bullish view on the Indian equity market, Antique Stock Broking believes that the recent correction in the ongoing bull market provides an opportunity to accumulate stocks within investment-linked themes. The brokerage sees the Nifty50 index at the 26,500-mark by September 2025, indicating an upside of more than 10% against the current level of 23,721.
Antique Stock Broking remained overweight on an investment-led recovery play and prefers sectors such as industrials and defence, power utilities, consumer discretionary (like real estate, retail, hotels, textiles), and PSU banks. For stock-specific investors, the brokerage sees more than 50% upside in Hindustan Aeronautics in the large-cap space.
Sharing its view on the defence sector, Antique Stock Broking, in a report, said, “With better operational efficiency, better execution, cost efficiency, and continuous innovation we expect the defence players to continue to deliver robust performance in the coming quarters. The adverse geopolitical situation has been a positive influence for these companies leading to strong ordering for defence-related products. We maintain our positive stance on defence PSUs and expect further re-rating of the sector in the medium term.”
In the midcap space, it prefers Bharat Heavy Electricals Limited (upside: 63%), L&T Finance (upside: 59%) and IRB Infra (upside: 60%). “Supported by strong ordering, improving execution, and benefits of operating leverage, BHEL’s earnings are anticipated to climb up multi-fold over FY24-27,” Antique Stock Broking said.
In the small cap space, it sees a 97% upside in the real estate firm Sobha. Antique Stock Broking is also bullish on PTC Industries (upside: 76%) and Shilpa Medicare (upside: 51%).
Commenting on the real estate sector, the brokerage added that new launches are expected to gain momentum in the second half of FY25. “We expect most of the players to surpass their FY25 guidance and record another stellar performance in FY25,” Antique Stock Broking said.