India’s economy appears to be entering one of its most exciting phases, where sustained growth meets a surge in opportunities across public markets, private investments, global assets, and alternatives. Yet, this promise comes with its own set of challenges waiting to test D-Street investors.

To help you navigate these shifts and fully participate in India’s unfolding growth story, The Economic Times is hosting the inaugural Alpha Wealth Summit on 4th June in Mumbai.

This exclusive gathering will bring together India’s foremost investment leaders to deliver sharp, actionable strategies on building and preserving wealth for the next five years—and well beyond.

Devina Mehra, founder and CMD of First Global, will bring sharp global insights and her proven ability to spot major market turns early. Kotak Mahindra AMC’s managing director, Nilesh Shah, will deliver powerful macro and policy perspectives to navigate India’s growth story.

S Naren, ED & CIO at ICICI Prudential AMC, Vikas Khemani, Founder & CIO at Carnelian Asset Management and Advisors and Rajeev Thakkar, CIO & Director at PPFAS Asset Management Private, will add powerful depth to the discussions.

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After a year marked by record foreign selling of Rs 2.32 lakh crore in 2025, the highest ever in India’s capital markets, IT services emerged as the biggest drag, accounting for nearly Rs 80,000 crore of the outflows. The sector was hit by a 12% fall in the Nifty IT index amid mounting concerns over global tech spending stemming from Donald Trump’s policy changes, and investor unease around the AI-led disruption.

The question that investors ask is: Will 2026 be any better? Carnelian Asset Management & Advisors founder Vikas Khemani suggests that concerns around disruption led by AI are overstated. In an interaction with ET Now, the market veteran said he believes the IT sector has strong long-term potential. Every IT company will need to reorient itself, but that has been the case with every technology transition—whether it was Y2K, ERP, digitisation or cloud migration. “Each time, Indian IT services have expanded both in scope and in addressable market, and I believe this time is no different,” Khemani said.

From an enterprise perspective, implementing AI-related technologies will require the involvement of IT services companies—whether it is organising data, enabling systems, selecting tools or deploying those tools.

Order books across companies have been holding up well, and deal wins have remained strong. “That does not mean every IT company will perform equally well—each transition creates new leaders, and stock selection becomes critical. However, writing off the IT sector as a whole would be folly. We remain positive, continue to hold select stocks, and see IT services as a sector with good long-term potential,” Khemani added.

On FII outflows, Khemani expects that to improve as global conditions evolve. “DII flows have been very robust, driven by steady SIP inflows. As for FIIs, 2026 should be better as US interest rates start coming down and emerging markets attract flows again. The China–India rebalancing trade is largely behind us.”

He pointed out that the resilience shown by Indian markets despite persistent FII outflows is a positive signal. “If FII flows turn positive, the impact could be significant. Markets are not pricing that upside yet, and it could even lead to a rerating.”

Also read: Smallcap mutual funds tagged worst performers of 2025. Will 2026 change the picture?On whether investors should focus on market-cap allocation or stay stock-specific, Khemani said his approach has always been bottom-up. “If we see a sustainable 15–20% earnings growth over the next three to five years at a reasonable price, we are happy to buy and stay invested. Short-term underperformance does not bother us if the long-term story is intact.”

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. They do not represent the views of the Economic Times)

With a host of key triggers set to unfold in the coming weeks, the Indian equity markets appear poised for a structural upside, believes Vikas Khemani, founder of Carnelian Asset Advisors. In an interaction with ET Now, Khemani emphasized how this correction was much needed and how we can now prepare for a structural market upswing.

He outlined the critical factors that are expected to shape investor sentiment and drive market direction in the near term.

According to Khemani, the next month will bring much-needed clarity across several dimensions — including tariffs, corporate earnings, RBI’s policy direction, and SEBI’s regulatory stance.

“Yes, uncertainty goes down,” he said, adding that a lot of the excessive valuations have already been corrected and earnings expectations have been pushed forward, making valuations appear more reasonable.

He emphasized that a “decisive rally in the markets would happen once the environment for the interest rate cut happens in US”. While the timing of the Fed’s rate cut remains uncertain, Khemani remarked that it is inevitable, whether it materializes in three, six, or twelve months, depending on macroeconomic outcomes like inflation and tariff adjustments.

If tariffs are implemented in a moderate or sensible way, he added, the rate cut could come sooner rather than later.On the domestic front, Khemani asserted, “Markets have bottomed out, most of the damage is done.” While acknowledging sector-specific weaknesses, he remained optimistic about overall corporate performance, stating: “Structurally speaking we would have 14-15% kind of earning growth next year which is fairly decent.”Valuation-wise, he believes that the market is in a comfortable zone. A potential Fed rate cut could serve as a major trigger for renewed foreign flows into Indian equities.

“If the expectation of the Fed rate cuts happens, then you will start seeing decisively money flow moving from the foreigners towards emerging market because that always happens,” he said.

Backing his bullish view, Khemani also pointed to a string of recent positive developments.

“RBI had a policy pivot, interest rates coming down, liquidity squeeze getting eased up, risk weightage for the NBFC went down. RBI has given very-very dovish growth-focused commentary many times over. Government has done this whole tax break, February IIP numbers were good, electricity consumption was good, tax collections were good,” he noted.

Also read: Market cycles are changing: Is quality the new momentum?

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)