New Delhi, Dec. 28 -- Expert view on Indian stock market: Pradeep Gupta, Chairman and MD of Anand Rathi Share and Stock Brokers, says 2025 was a year of consolidation, and the market returns will be more earnings-led than valuation-led in 2026. For mid and small-cap segments, Gupta said that well-capitalised companies with pricing power and balance-sheet strength can outperform, but broad-based rallies like the past cycle are unlikely. Edited excerpts:

After two years of outsized returns, 2025 has been a year of consolidation rather than disappointment, especially given that India's equity returns have been positive for the last ten consecutive years. That is a healthy reset.

For 2026, returns are likely to be more earnings-led than val...