New Delhi, Dec. 27 -- Expert view on Indian stock market: VK Vijayakumar, Chief Investment Strategist at Geojit Investments, is optimistic about the Indian stock market for 2026. He expects the market to deliver a decent return of 12 to 15%. He, however, sees no scope for a runaway rally of above 15%. In an interview with Mint, Vijayakumar says India is in a Goldilocks setting from the domestic economic perspective and expects earnings growth of around 15% in FY27. Edited excerpts:

Our view early this year was to expect only modest returns in 2025. The elevated valuations and pedestrian earnings growth didn't provide a favourable setting for a smart rally delivering superior returns like in 2021-24.

The significant feature of the market...