Expert view, Dec. 9 -- Harshad Borawake, Head of Research and Fund Manager at Mirae Asset Investment Managers (India), finds the outlook for the Indian stock market in 2026 constructive, supported by improving consumption, stable macroeconomic conditions, strong domestic liquidity, and an expected easing of geopolitical gridlock. In an interview with Mint, Borawake shared his views on market trends, key risks, mid and small-cap segments, sectors that can generate alpha next year, and his expectations from the Union Budget 2026. Here are edited excerpts of the interview:

The markets have been consolidating since the September 2024 highs, yet calendar year 2025 (CY25) is still expected to end on a healthy note. Strong domestic liquidity ha...