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On sectoral front, Metals, IT & FMCG outperformed while Pharma and Power underperformed. Metals outperformance was driven by improving realizations, controlled input cost environment, and better operating leverage. IT earnings were supported by margin resilience, currency benefits and cost optimization efforts, amidst muted global demand environment. In FMCG space, growth was aided by gradual recovery in rural demand and sequential volume improvement. With geopolitical tensions expected to ease, trade deals underway with major developed economies & inexpensive valuations (index trading at 2-year fwd. P/E...

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Asian markets are trading mixed as investors weighed renewed uncertainty over U.S.-Iran peace negotiations, while rising Brent crude oil prices boosted sentiment for Hong Kong-listed energy companies. The Nikkei and Shanghai were down 1.94% and 0.46%, while the Hang Seng was up 0.63%.

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This report reviews one year forward PE and market cap trends across major sectors in May'26, benchmarking current valuations against long term averages to assess sector positioning. Out of the 20 sectors analysed, 9 are currently trading below their long-term averages. Overall, May'26 valuations remain mixed. Industrial and cyclical sectors such as capital goods, cement, chemicals, automobiles, auto parts, textiles continue to trade above long-term averages, with defence and power among the most expensive pockets. On the other hand, sectors including IT, FMCG, hospitals, hotels, agro chemicals, building materials and real estate are trading below historical averages, offering relatively better valuation comfort, while retail remains the most undervalued. Consumer durables continue to appear expensive, pharma is broadly fairly valued, and metals, oil & gas and textiles trade moderately above averages, reflecting ongoing cyclical strength. Despite the moderation during the month, most sectors...

After April's powerful rebound transformed pessimism into optimism, May unfolded in a markedly different fashion. The benchmark index Nifty traded within a narrow range of 1219 points during the month, marking its smallest monthly range since December 2025.

Inside this month's report, we reveal our Top 10 High-Conviction Stock Picks mathematically selected to thrive in today's market.

Asian markets are trading mixed, led by Lenovo's AI-driven rally, Softbank's 45 Bn AI investment in France lifted Japanese sentiment, and the US- Iran deal uncertainty. The Hang Seng and Nikkei were up 0.83% and 0.99%, respectively, while Shanghai was down 0.08%.

Axis Top Picks for the month of June 2026

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India's Economic Outlook Amid Global Volatility: The 3 Fs Fuel, Fertiliser & Foreign Exchange

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