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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal Financial Services has unveiled its top stock ideas for July 2026, highlighting a mix of Nifty 50 and non-Nifty 50 names that it believes are well positioned amid improving domestic growth dynamics and attractive market valuations.
The brokerage's latest Bulls & Bears report comes at a time when the Nifty is trading below its long-term average valuation multiples, even as corporate profitability remains near record highs.
Motilal Oswal's View:
Indian markets have been lackluster over the past six months (Nifty -8.7% CY26YTD) and underperformed several global peers.
This is primarily attributed to record FII outflows and earnings concerns, compounded further by a series of geopolitical and macro headwinds. While earlier fears of a severe oil shock and the Middle East crisis have somewhat subsided, a favorable base has likely been set for Indian equities.
India's GDP growth accelerated to 7.7% YoY in FY26, exceeding our expectations (7.5% YoY) and improving from 7.1% in FY25.
The services segment was the primary growth engine, delivering strong performance across trade, financial services, real estate, IT, and professional services.
The brokerages' model portfolio broadly reflects its preference for growth visibility, structural domestic growth plays, and select global value names.
Motilal Oswal firmly believes that this is a bottom-up market, despite India witnessing both time and price corrections relative to EM peers.
Motilal Oswal's key over weight sectors are autos, PSU Banks, diversified financials, manufacturing and industrials, consumer discretionary, and new-age platforms.
In contrast, the brokerage is underweight on oil and gas, private banks, metals, consumer staples, IT, and commodities, utilities.
Top Nifty-50 Ideas: Bharti Airtel, SBI, ICICI Bank, M&M, Titan, Eternal, Shriram Finance, and Interglobe Aviation.
Top Non-Nifty-50 Ideas: TVS Motors, Radico Khaitan, ICICI Pru AMC, Groww, Indian Hotels, AU Small Finance, Dixon Tech, Coforge, Cummins, and Delhivery.
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