Indian equity markets in 2026: What lies ahead?

In this episode of businessline podcast, host Anupama Ghosh speaks with Pranav Haridasan, MD & CEO of Axis Securities, about where Indian equities stand as 2026 approaches. After record highs and a cooling phase across indices, the market now feels like a crossroads. They break down what recent corrections in mid- and small-caps indicate, whether valuations have reset to a healthier range, and how earnings visibility is shaping expectations for the year ahead. The conversation covers the RBI’s rate cuts, the rebound in credit demand, and what this could mean for financials. Haridasan explains why large-caps may lead the early leg of the recovery, before confidence filters into mid- and small-cap names. He also highlights where value may emerge: defence, manufacturing, Make in India plays, and parts of consumption that could benefit from policy support and improving sentiment.  The podcast also looks at the IPO landscape. If FPIs are selling in the secondary market, why are they still buying new listings? The answer, he says, lies in pricing discipline, better valuation ranges, and the structural growth stories behind some upcoming offers. Whether 2026 becomes a blockbuster IPO year or a selective one will depend on how the calendar is spaced and how global conditions evolve. Listen in to the podcast to know more!