New Delhi, March 31 -- Expert views on the Indian stock market: Pankaj Pandey, the head of research at ICICI Securities, believes India Inc.'s earnings may start showing recovery from the first or second quarter of the next financial year (FY26). He added that valuations have become more reasonable after the correction and provide lucrative opportunities for long-term wealth creation. In an interview with Mint, Pandey also shared his top stock picks from the IT, defence and banking space. Here are edited excerpts of the interview.

FY25 was a roller-coaster year for domestic equities, with markets scaling new highs of 26,277 levels in September 2024 and then giving up the majority of the gains and closing the year with 5 per cent returns....