The brokerage believes that markets are currently navigating a phase of heightened volatility, with the Nifty and broader market indices witnessing a meaningful correction from their recent highs. The weakness, is less a reflection of any fundamental deterioration in the domestic earnings cycle and more a consequence of a confluence of external pressures elevated crude prices, rising domestic and global bond yields, and heightened geopolitical uncertainty.
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ICICI Direct Report
With Diwali round the corner, brokerage firm ICICI Direct has recommended 10 stocks to Buy from sectors spanning from banking, pharma, chemicals, media, ports, metals, and hospitality sector including Kotak Mahindra Bank, Adani Ports and Special Economic Zone, Venus Pipes and Tubes, Info Edge, Apollo Micro Systems, Neogen Chemicals, Saregama India, Ethos and Indian Hotels.
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The brokerage believes that markets are currently navigating a phase of heightened volatility, with the Nifty and broader market indices witnessing a meaningful correction from their recent highs. The weakness, is less a reflection of any fundamental deterioration in the domestic earnings cycle and more a consequence of a confluence of external pressures elevated crude prices, rising domestic and global bond yields, and heightened geopolitical uncertainty.
The brokerage also highlighted that the underlying earnings picture remains encouraging. The listed universe, so far in the earnings season i.e. Q2 FY27, has delivered 20%+ growth in both topline and PAT, providing increasing evidence that the domestic corporate earnings cycle is gaining traction. This resilience in earnings, despite a challenging macro backdrop, reinforces our core thesis of an earnings-led recovery in Indian equities.
The broader earnings trend continues to favor mid- and small-cap companies, with profit growth exceeding 30% YoY.
The recent correction, therefore, needs to be viewed in the context of price adjustment rather than a fundamental reset. With valuations having moderated
meaningfully, the risk-reward equation is gradually becoming more favorable, particularly for quality businesses where earnings visibility remains intact.
Against the backdrop, ICICI Direct has largely retained a constructive stance on equities and believes the next leg of the market is likely to be driven less by liquidity or multiple expansion and increasingly by fundamental earnings delivery—a healthier and more sustainable foundation for returns. The brokerage expect markets to deliver healthy double digit returns over the next 12 months and sees no material risks to its 16% CAGR Nifty earnings estimates over FY26-28E.
With firm growth outlook and valuations crawling below long-term average, ICICI Direct remain positive on markets.
Diwali Muhurat Picks 2026
Kotak Mahindra Bank Ltd. (CMP: Rs 464.65)
The brokerage suggests entering the banking stock in the range of Rs 445 and Rs 465 and has set a target price of Rs 540, implying a potential upside of 17%.
ICICI Direce believes that the appointment of Mr Anup Saha as MD and CEO, effective January 2027, addresses leadership overhang, provides longer leadership continuity, and brings an experienced consumer-finance leader with a strong execution track record.
The brokerage expect leaderships transition, coupled with bank's focus on deepening customer relationships and scaling retail lending, to support business momentum ahead.
Going ahead, the brokerage expects advances growth of ~20–22%, gradual margin recovery and sustained moderation in credit cost to support earnings growth and RoA improvement over FY27–28E. Thus, it values standalone bank at ~2.4x FY28BV and Rs 127 for subsidiaries.
Key Risks:
- Adverse change in mix diluting margins,
- Slower than expected business growth.
Adani Ports and Special Economic Zone Ltd. (CMP: Rs 1,866.90)
ICICI Direct recommends buying Adani Ports between 1,785 and Rs 1,865, setting a target price of Rs 2,210, implying a potential upside of up to 19% from the suggested entry points.
Adani Ports is the largest commercial port operator in the country, handling more than 27% of the total cargo volume as on FY26. It owns more than 15 Ports and Terminals, with a combined capacity of 671 MTPA, across seven states. Its other businesses include logistics and marine.
The brokerage highlights that strong H1 leads to upward revision in revenue/EBITDA for FY27: Adani Ports has grown its consolidated revenues at ~21% YoY during H1 FY27 aided by 75% YoY growth in international ports (consolidation of NQXT Australia and ramp-up at Colombo) and 61% YoY growth in Marine (11 net vessel additions).
Consolidated EBITDA grew 21% YoY during H1 FY27 aided by international ports (up 245% YoY, higher margin Australia and Colombo operations). Consequently, it has raised its revenue and EBITDA guidance for FY27 by Rs 1000 crore each to Rs 44,000-Rs 46,000 crore and Rs 26,000-Rs 27,000 crore respectively. It reiterated its FY31 ambition of Rs 91,500 crore revenue and Rs 52,000 crore.
Adani Ports targets to grow its Revenues/ EBITDA/ Net CFO at a CAGR of 19%/18%/18% over FY26-FY31.
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