SIP returns have weakened, particularly in large caps. 9% for the Nifty Smallcap 250.

“Domestic flows should protect downside risks,” Jefferies said, but added that rising supply could “cap broad market returns.” That supply includes initial public offerings, promoter sales, private equity exits and government disinvestment.

In other words, even strong domestic and foreign inflows may be absorbed by new equity issuance and stake sales. Banks: growth is strong, but normalisation is aheadBank credit growth has surged to 18%, partly due to higher working-capital demand and the freezing of bond and external commercial borrowing markets during the West Asia conflict.

Jefferies expects credit growth to normalise to 13%-15% from the second half of FY27. It forecasts 14% loan growth and 13% net-interest-income growth for its bank coverage over FY26-FY29.

The brokerage expects margins to stabilise and asset quality to remain resilient. But PSU banks face additional risks from the transition to expected-credit-loss provisioning norms from April 2027 and a potential increase in employee costs following wage negotiations.

That makes earnings growth supportive, but not necessarily strong enough to trigger a sector-wide re-rating. Power: a major opportunity, but execution mattersPower and transmission remain among the strongest structural themes in the report.

1 times to more than $200 billion in FY26-FY29 compared with FY22-FY25. Power demand is expected to grow at a 6% compound annual rate through FY29.

Renewable capacity is projected to rise to 49% of total capacity from 42% in FY26. But the transition will require both renewable and thermal capacity.

Renewable plants operate at lower utilisation and are concentrated during daylight hours, while thermal power remains necessary for baseload supply and as a backup for renewable generation. That creates significant opportunity for NTPC, Adani Energy Solutions and JSW Energy.

However, the investment thesis depends on project execution, capacity additions and the conversion of a large transmission pipeline into actual orders and earnings. Ports: privatisation offers upside, but conversion is uncertainThe government has identified 216 million tonnes of port capacity for terminal privatisation at major ports.

Jefferies estimates the opportunity could be worth about ₹1 trillion over four years. Adani Ports and JSW Infrastructure already account for 29% of India’s port capacity and 34% of volumes.

Their combined share of industry volumes could rise to 44% by FY30. However, the actual pace of privatisation, capacity commissioning and cargo growth will determine how quickly that opportunity translates into earnings.

Port companies are also expanding into logistics, which could boost growth but increase competition across the broader transportation ecosystem. Real estate: strong demand, but not a market-wide triggerResidential property sales are expected to grow 10%-15% in FY27, while listed developers are expected to sustain 15%-20% sales growth through market-share gains.

The sector is benefiting from premiumisation, developer consolidation and lower debt levels. Office vacancies have fallen to six-year lows, while rents have risen in key markets.

Still, the real estate recovery remains concentrated among organised developers. Industry-wide sales growth and moderate pricing gains may support a selective stock rally, rather than a broad market surge.

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Jay Peters is a senior reporter covering technology, gaming, and more. He joined The Verge in 2019 after nearly two years at Techmeme. Is Sony about to announce...