Angel One, CAMS and ICICI AMC among JP Morgan's preferred bets on India's SIP boom

JP Morgan has assigned Overweight ratings to Angel One, CAMS, ICICI Prudential AMC, Nippon Life India AMC (NAM), and HDFC AMC as preferred plays on India's SIP-led retail financialisation, with price targets of Rs 420, Rs 950, Rs 4,090, Rs 1,360, and Rs 3,250 respectively. Monthly SIP inflows surged 48% year-on-year to Rs 310 billion in May 2026, with SIPs contributing 77% of equity and balanced fund net inflows in FY26, even as FPIs sold nearly US$36 billion over FY25-FY26. The brokerage is neutral on BSE and KFin Technologies and underweight on CDSL and MCX, flagging risks if monthly SIPs fall below Rs 250 billion or derivatives volumes drop over 20%.