After a prolonged phase of underperformance, the Indian markets appear to be building a base for a stronger second half. The Nifty 50 has rallied over 1,500 points since October 2025, with the index hitting an all-time high of 26,203 on November 28. This sharp move has been supported by several key developments, including better-than-expected earnings in the first half of the year, optimism around 15% tariffs for India, and early signs of consumption recovery.
A stable currency and relatively attractive valuations versus other emerging markets have also helped fuel positive sentiment. Amid this recovery, Axis Securities has released a list of its top stock recommendations across segments. In this slideshow, we present their top midcap and smallcap picks, where the brokerage sees upside potential of up to x%.
