Axis Securities gives Nifty target of 25,500, names Bharti Airtel and Lupin among top 15 picks

Among small caps, Mahanagar Gas Ltd (MGL), Kirloskar Brothers, Sansera Engineering, and Kalpataru Projects International are Axis Securities’ top picks.

The brokerage also reflected on September’s market volatility, which followed a strong rally from May to August 2025. Although the announcement of GST 2.0, which rationalized tax slabs and shifted most items to the 5% and 18% brackets, was seen as a positive trigger, the market did not sustain momentum.

This was attributed to factors such as the delayed impact of GST 2.0 reforms, currency depreciation, inventory overhang, foreign institutional selling, and uncertainty in global policy direction, particularly in the US.


Looking ahead, Axis Securities highlighted four key global factors to monitor: US policy developments, reciprocal tax negotiations, US Fed rate actions, and the trajectory of currency and oil prices.

On the domestic front, multiple factors are expected to support earnings recovery in FY26, including a Union Budget-led consumption boost, monetary easing by the RBI, and continued effects of GST 2.0. The brokerage believes that the transmission of these positive developments will accelerate in FY26, especially as corporate earnings begin to reflect supportive policy actions.

While the pace of these benefits remains a key variable, early signs of rural recovery and resilient domestic demand could help contain risks and sustain positive momentum in the Indian equity markets.

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(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)