Expert view, Sept. 23 -- Pranab Uniyal, Head - HDFC Tru (Investment Advisory, HDFC Securities), believes the Nifty 50 may hit a record high by the end of FY26 if tariff issues are resolved and major sectors like the IT and pharma are not targeted by the US with protectionist measures. In an interview with Mint, Uniyal flagged the H-1B visa fee hike and the HIRE Act as key risks the market should not overlook. Here are edited excerpts of the interview:

Trump's reversal of liberation day tariffs marked a bottom, and Indian markets have rallied sharply from those lows.

However, on a YTD (year-to-date) basis or 12-month basis, returns have been flat to negative. India has also significantly underperformed emerging markets during this period...