After a bruising 2025, India’s equity market may be on the cusp of a fresh advance, with the Nifty index potentially climbing to 30,000 in 2026, according to ICICI Direct. The brokerage said recent market turbulence has laid the groundwork for the next phase of the bull cycle. It pointed to a confluence of technical signals, including a “cup and handle” breakout pattern, a rebound from long-term moving averages and the market’s historical tendency to rally after sharp corrections, as evidence of a developing structural upswing that could make 2026 a pivotal year for Indian equities. Against this backdrop, ICICI Direct has identified seven stocks as its top picks for the year, citing favourable technical and structural characteristics.

Bajaj Finserv on Tuesday reported a 7.5% year-on-year (YoY) growth in its consolidated Q2 net profit at Rs 2,244 crore as compared to Rs 2,086 crore posted in the year-ago period. The profit after tax (PAT) is attributable to the owners of the company.

The company’s revenue from operations in the quarter under review stood at Rs 37,403 crore, rising 11% YoY over Rs 33,704 crore in the corresponding quarter of the last financial year.

The company’s profit after tax (PAT) was down nearly 20% on a sequential basis compared to Rs 2,789 crore in Q1FY26 despite a near 6% quarter-on-quarter growth in its topline in the reporting quarter versus Rs 35,439 crore in the April-June quarter of FY26.

The promoter company of listed entities Bajaj Finance and Bajaj Housing Finance announced its earnings during market hours and its shares fell 8% to hit the intraday lows of Rs 1,952.40 on the NSE around 2 pm.

Bajaj Finserv’s net worth climbed 12% in Q2FY26 to Rs 76,490 crore versus Rs 68,325 crore in the year ago period.

The PAT includes unrealised mark-to-market (MTM) loss on equity investments measured at fair value through profit and loss of Bajaj General and Bajaj Life of Rs 70 crore and Rs 91 crore respectively, for Q2 FY26 as compared to MTM Gain of Rs 35 crore and MTM loss of Rs 39 crore respectively for Q2 FY25, an investor note shared on the exchanges showed.”Also realized equity gain routed through OCI stands at Rs 38 crore for Bajaj General and Rs 6 crore for Bajaj Life for Q2 FY2026 as compared to MTM realized gain of Rs 60 crore and Rs 28 crore in Q2 FY2025, respectively,” the filing added.Q2 highlights of subsidiaries

— Bajaj Finance: Consolidated PAT at Rs 4,876 crore versus Rs 4,000 crore, up 22% YoY
Bajaj Finance recorded an increase in the customer franchise of 4.13 million and the number of new loans booked of 12.17 million in 02 FY26. Bajaj Housing Finance recorded a growth of 18% in profit after tax.

— Bajaj General: Consolidated PAT at Rs 517 crore versus Rs 494 crore, 5% YoY
Bajaj General recorded growth of 9% in gross written premium to Rs 6,413 crore; excluding bulky tender-driven crop, government health, and the impact of change in accounting for long-term products and business growth was strong at 18%.

— Bajaj Life: Net value of new business (VNB) at Rs 367 crore versus Rs 245 crore, up 50% YoY
Bajaj Life recorded growth of 50% in value of new business due to product restructuring, favourable product mix and cost rationalization. The VNB and New Business Margin (NBM at 14.8%) are the highest ever on half-yearly basis.

New Delhi, SBI MF, Morgan Stanley and Goldman Sachs, among others, on Friday cumulatively bought a 1.8 per cent stake in Bajaj Finserv for Rs 5,506 crore from promoter entities.

Besides, JP Morgan India, Citigroup Global, Societe Generale, SBI Life, BofA Securities and Barclays Merchant Bank (Singapore) were also among the buyers, as per block deal data on the NSE.

These entities bought 2.86 crore shares or 1.8 per cent stake in Bajaj Finserv at an average price of Rs 1,925.20 apiece, taking the combined transaction value to Rs 5,506.07 crore, as per the data.

Meanwhile, Bajaj Finserv’s promoters entities Bajaj Holdings and Investment and Jamnalal Sons offloaded an equal number of shares at the same price.

After the stake sale, the promoters’ holding of Bajaj Finserv dipped to 58.84 per cent from 60.64 per cent earlier.

Shares of Bajaj Finserv rose 2.30 per cent to close at Rs 1,988.70 apiece on the NSE.In a separate block deal on the NSE, Wabco Asia Pvt Ltd, promoter of ZF Commercial Vehicle Control Systems India, divested a 3.16 per cent stake for Rs 792 crore through an open market transaction.Following the stake sale, Wabco Asia’s holding in ZF Commercial Vehicle Control Systems India declined to 60 per cent from 63.16 per cent.

As per the data, Wabco Asia sold a little over 6 lakh shares, representing a 3.16 per cent stake in the company.

The shares were disposed of at an average price of Rs 13,191 per piece, taking the deal value to Rs 791.63 crore.

Franklin Templeton MF, Aditya Birla Sunlife MF, HDFC Standard Life Insurance, Goldman Sachs (Singapore), Societe Generale, and Citigroup Global Markets Mauritius, among others, were the entities who picked shares of ZF Commercial Vehicle Control Systems India.

The scrip of ZF Commercial Vehicle Control Systems India jumped 4.46 per cent to settle at Rs 13,917 per piece on the NSE. PTI

Northern Arc, a leading diversified non-banking financial services company, has launched its performing credit AIF fund (Category II) – the ‘Finserv Fund’.

This comes through its subsidiary, Northern Arc Investment Managers (NAIM), aims to raise a target corpus of Rs 1,500 crore, including a green shoe option of Rs 5 crore.

Category II AIF (Alternative Investment Funds) refers to a specific classification of investment vehicles in India which employ strategies such as private equity, debt, or a mix of both. They may invest in unlisted securities, real estate, or other non-traditional assets.

The Finserv Fund is designed to leverage Northern Arc’s extensive experience, innovative financial solutions, and robust risk management practices.

The fund aims to make a meaningful impact on economic growth and financial inclusion across six key sectors: Micro, Small, and Medium Enterprises (MSMEs), Affordable Housing, Vehicle Finance, Agricultural Finance, Microfinance, and Consumer Finance.

‘Finserv Fund’ launch marks another significant milestone in Northern Arc’s mission to bridge the financial gap for underserved individuals and businesses by leveraging our pivotal strengths in proprietary data and technology,” says Ashish Mehrotra, Managing Director & CEO of Northern Arc.“Through NAIM, a Northern Arc subsidiary, we have invested over INR 100,500 million largely in financial institutions since inception, with zero defaults to investors to date,” he said.By investing in a diversified pool of debt securities from financial institutions, the fund will focus on generating higher risk-adjusted returns and providing regular cash flows for investors.

Northern Arc’s established financial ecosystem includes a vast network of originator partners, which enhances its ability to support financing efforts effectively.

Robust Track Record

As of June 30, 2024, Northern Arc manages an asset under management (AUM) of Rs 14,639 crore across its balance sheet and active AIF funds.

The company boasts a strong track record with four successful fund exits, yielding net fund returns ranging from 11.72% to 15.77% post-expense pre-tax, all achieved without any delays or defaults.

“The Finserv Fund is the 11th AIF launch from our fund management platform apart from the 2 PMS funds we manage. We have successfully closed and exited four funds at higher-than-targeted returns to our investors,” says Bhavdeep Bhatt, CEO of Northern Arc Investments.

“It will invest in a well-diversified portfolio across 45-55 entities within our key sectors. This fund targets gross returns of 14.00-14.50% XIRR over its four-year tenure, with a deployment period of approximately six months from the final close,” he said.

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