New Delhi, Feb. 4 -- Brokerage house InCred Equities has maintained its cautious stance on the Indian equity markets. It expects the Nifty index to move sideways with a downward bias and has retained its year-end target of 23,260.

The brokerage highlighted a preference for large-cap stocks over small-cap and mid-cap counterparts.

The fiscal policy's focus on increasing disposable income to drive GDP growth recovery is seen as a step in the right direction. However, InCred emphasised the need to closely monitor consumer behaviour to assess whether this policy will translate into higher spending, along with the Reserve Bank of India's (RBI) response to potential inflationary pressures.

The firm remains selective in stock recommendations,...