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Sensex, Nifty at lifetime highs: Where are Indian markets headed in 2026 & will they outperform gold & EMs? Heres the outlook

Indian stock markets are poised for a constructive 2026, driven by an improving earnings cycle, strong domestic liquidity, and normalizing valuations, says Ajay Menon, MD & CEO Wealth Management, Motilal Oswal Financial Services. Which sectors should investors focus on? Will other emerging markets and even gold continue to outperform Indian equity benchmarks in 2026 as well?