Market Outlook 2025 - Steady Capex, Rural Revival Drive Earnings; SBI, Syrma Among HDFC Securities' Top Picks

HDFC Securities Institutional Equities

In CY24, Nifty 50 generated ~9% returns, while both the Nifty midcap 100 and Nifty Smallcap 100 delivered ~24% returns each. Notably, the Nifty 50 gains were driven by a 16% growth in earnings. In contrast, the midcap and small-cap indices witnessed multiple expansions, despite earnings growth being relatively muted— 8% and 6% respectively.

Given the strong returns in the absence of commensurate earnings momentum at the aggregate level, it seems prudent to pause and reassess the prospect for the upcoming year. In the sections below, we highlight our annual outlook.

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