Stock Market Outlook, Feb. 4 -- Brokerage house Emkay Global Financial Services, in its latest India Strategy Report, projected that the Nifty index is likely to attain the 25,000 level by December 2025.

The brokerage attributed this optimism to fiscal stimulus through tax cuts in the FY26 Union Budget, which is expected to support consumption recovery in the latter half of CY25. Emkay anticipates a shift in market preferences from industrials and manufacturing to consumption, with a particular focus on Consumer Discretionary as the preferred segment.

While staples and financials stand to benefit, the brokerage noted a disconnect between growth and valuations in these sectors, leading to a rebalancing of its model portfolio by increasin...