Expert view: Broader market to remain range-bound in medium term, says SKG Investment's Director

SKG Investment Director Kush Gupta believes the Indian market will remain range-bound in the medium term, with a flat or positive 2026 close conditional on three factors: subdued crude oil, net positive FPI flows and FY27 earnings recovery materialising in Q2 numbers. The Nifty 50 is down around 8% year to date and trades at about 20.8x PE on a consolidated TTM basis, roughly an 11% discount to its 10-year median of 23x, placing large caps in attractive valuation territory. Gupta is selectively positive on defence, financial services and pharma, noting that any recovery will be sector-specific rather than index-wide.