Where Should Investors Bet in 2026 — Gold or Stocks? Leading Brokerage Shares Outlook

New Delhi: Even though the stock market tried to touch new heights before the end of the year, the pockets of common investors were not filled as expected. The market continued to rise and fall throughout the year. Sometimes concerns about tariffs, sometimes weakness of the rupee, sometimes selling by foreign investors—all these reasons made the market unstable. The result was that the index looked strong, but returns remained limited.

Which stocks took over the market, which ones were left behind

Large-cap stocks performed better than last year. Banking, auto, and metal sectors supported the market, while mid-cap and small-cap stocks did not show much momentum. Sectors like IT and FMCG remained relatively weak. At one time, a decline of about 17 percent was seen in the market from the high of September 2024, although later Nifty definitely made a comeback.

Why was the confidence of domestic investors important?

Amidst all these ups and downs, the role of domestic investors remained most important. While foreign investors were continuously selling, domestic investors kept the market under control through SIP and direct investment. Good movement was also seen in the IPO market, which made it clear that the confidence of investors has not been completely broken.

Which direction can Nifty go in 2026

According to the estimates of Kotak Securities, companies may see good growth in earnings in the coming two years. The brokerage believes that Nifty's earnings may remain strong in financial years 2027 and 2028. If the situation remains normal, then Nifty can reach around 29,000 by December 2026. If the market environment remains better, it can even touch the level of 32,000, while in negative circumstances there will be a risk of slipping to 26,000.

Which sectors to keep an eye on for 2026?

Banking and financial services, technology, healthcare, and hospitality sectors are considered better for the next year. Demand, investment, and profit potential in these sectors are said to be strong.

Gold and silver become real stars, not shares

While the stock market gave average returns, gold and silver surprised investors. Gold gave a return of about 71 percent in the futures market, in which global uncertainty and rupee weakness had a major role. Silver broke all records and made earnings up to 121 percent. Demand for safe investments and supply constraints kept its prices high.

What are experts advising?

Shripal Shah, MD and CEO of Kotak Securities, believes that India's growth story remains strong despite global challenges. He says that there are still opportunities for long-term investments in the equity market, while gold will remain a reliable option for safe investment even in 2026. He also said that a large population in India is still away from investment, which can create new opportunities in the coming years.