New Delhi, Jan. 3 -- The past year was a challenging one for the Indian equity market, as it underperformed global and emerging markets for the first time since the Covid-19 era. Yet, analysts at Axis Securities believe that most of the significant events are behind us, and the majority of the negatives are already factored into the price.

The brokerage maintained its base case Nifty target at 28,100 for December 2026 by valuing the index at 20x on Dec'27 earnings. Earnings upgrade starting Q3FY26 onwards remains an upside risk to the target.

Its bullish outlook on the index stems from a robust macro setup, as it believes it serves "as a stable haven amidst global economic volatility".

"We remain confident in India's long-term growth s...