Global brokerages have rolled out comprehensive sector-level and stock-specific recommendations ahead of the next trading session, covering major names across building materials, healthcare, pharmaceuticals, and IT services. The fresh views encompass broader commentary on cement profitability trends, hospital capacity expansion, specialty pharma growth trajectories, and evolving inflation dynamics alongside expectations for RBI policy actions.

Building Materials and Cement Sector

Jefferies maintains a constructive stance on the cement sector heading into FY27, expecting the industry to build on profitability gains. The brokerage highlights that demand resilience remains intact despite volatility in government capex, with capacity utilisation expected to remain around 70.00%. A more consolidated market structure supports improved pricing discipline, while rising leverage could enable steady EBITDA per tonne expansion.

Jefferies estimates EBITDA CAGR of 13.00–28.00% for covered companies over FY26–28, driven by capacity additions and improved pricing discipline.

Healthcare Sector Outlook

Jefferies maintains a selective positive view on hospitals, with capacity additions gaining momentum in CY26. The brokerage expects volume growth to take precedence over ARPOB, with Max Healthcare expected to see the highest new bed additions, followed by Fortis and Apollo. CGHS rate revisions in Q3FY26 are expected to start reflecting in CY26 numbers.

IT Services: Mixed Outlook

HCL Technologies Receives Upgrades

HCL Technologies garnered positive attention from multiple brokerages following its Q3 performance that exceeded expectations across most metrics. Deal TCV remained healthy, with forward-looking indicators continuing to look better than peers.

Morgan Stanley noted the standout performance but highlighted that it is reflected in premium multiples. The brokerage sees FY27 visibility looking better than earlier on growth, with 18.00% as the base margin for next year.

TCS Faces Cautious Stance

TCS received mixed ratings from brokerages, with concerns around muted international growth likely to disappoint investors.

Citi noted that international business growth remained sluggish at 0.40% QoQ, while equipment and software contributed nearly half of QoQ growth.

Banking and Financial Services

HDFC Bank Positioned for Recovery

CLSA maintains an Outperform rating on HDFC Bank with a target price of ₹1,200, believing current concerns are largely misconceived or temporary. The brokerage expects FY27 to be a bounceback year, noting the stock trades at a 10.00–12.00% discount to ICICI Bank. Core PPOP is expected to grow at a high-teens CAGR.

Bajaj Finance Faces Structural Challenges

Bernstein maintains an Underperform rating on Bajaj Finance with a target price of ₹750, flagging structurally higher credit costs and pricing pressure viewed as structural rather than cyclical. EPS growth is expected to slow to below 20.00% over the next few years.

Inflation and Monetary Policy

Multiple brokerages noted benign inflation trends with headline CPI at 1.33% YoY in December, materially below the RBI's tolerance band. UBS noted the RBI is nearing the end of its easing cycle, while BofA expects a 25 bps rate cut in the February policy. HSBC highlighted that India ended the year on a benign inflation note, with headline inflation remaining below the RBI's lower bound of 2.00% for four consecutive months.

Global and domestic brokerages have released fresh coverage across multiple sectors, providing updated ratings and price targets for key stocks including Trent, IndiGo, Vodafone Idea, Avenue Supermarts, and Groww. The comprehensive coverage spans retail, aviation, telecom, fintech, and hospitality sectors, alongside broader market strategy views.

Retail Sector Coverage

Trent receives continued support from Macquarie, which maintains its Outperform rating with a ₹4,900.00 target price. The brokerage attributes current sales weakness to cyclical factors, expecting recovery in the second half of CY26. Key growth drivers include the proposed revamp of Zudio stores to widen competitive positioning and investments in RFID technology to support operating EBIT growth. Macquarie views the current growth moderation as non-structural, with government demand support initiatives providing additional tailwinds.

Avenue Supermarts draws mixed analyst sentiment. Goldman Sachs maintains its Sell rating while raising the target price to ₹3,500.00 from ₹3,355.00, noting Q3 PBT beat expectations through gross margin expansion, though viewing the sharp margin improvement as unsustainable. Jefferies holds a more neutral stance with a Hold rating and ₹4,050.00 target, highlighting EBITDA margins reaching multi-quarter highs despite slower growth momentum.

Aviation and Telecom Updates

InterGlobe Aviation sees Kotak retaining its Add rating while trimming the target price to ₹5,300.00 from ₹5,350.00. The adjustment reflects revised fair value assumptions for crude oil and currency changes. Domestic demand resilience continues alongside international expansion progress, though regulatory scrutiny from CCI and aviation authorities remains a key downside risk.

Vodafone Idea and Indus Towers both receive Buy ratings from Citi, with targets of ₹15.00 and ₹515.00 respectively. The positive stance centers on expected AGR relief confirmation, which could provide material cash-flow support and potentially fast-track Vodafone Idea's planned ₹250.00 billion bank debt raise. This development may also enable future equity raises and allow Indus Towers management to resume dividend payouts.

Fintech and Hospitality Initiations

Groww enters coverage with Kotak Securities initiating a Buy rating and ₹190.00 target price. The brokerage highlights the platform's scale-building approach through trust and technology, positioning for profitable scale-up. Monetisation expansion across broking, margin lending, wealth, and consumer credit segments supports the positive outlook, with in-house technology providing speed, reliability, and cost advantages.

Lemon Tree Hotels receives a Buy rating from Investec with ₹187.00 target, focusing on the long-awaited Fleur demerger process. The separation is expected to unlock value in the asset-light, high-growth Fleur platform, which will emerge as a zero-debt entity post-demerger.

Broader Market Strategy

Strategic outlooks remain constructive across major brokerages. UBS maintains an Attractive stance on Indian equities, adding Varun Beverages and Tata Consumer to its model portfolio while removing Avenue Supermarts and ITC. JPMorgan sets year-end Nifty targets at 33,000/30,000/24,000 for bull/base/bear scenarios, expecting 7.00% YoY earnings growth for Nifty 50 companies.

Goldman Sachs sees improving prospects for 2026 after a weak 2025, with easier financial conditions and tax cuts expected to revive domestic growth. The brokerage retains an Overweight view on India with a Nifty target of 29,300.00 for end-2026, focusing on mass consumption revival, financials, defense, and energy security themes.