The Core Report #748 Markets Slide Further As Fresh Set Of Bullish Brokerage Calls Arrive
Dec 10, 2025
In this discussion, Garima Kapoor, Chief Economist at Elara Securities, delves into India's unprecedented crop price deflation, exploring the effects of unseasonal rains and regulatory policies. She connects declining farm incomes to rural demand shifts, especially in two-wheelers. Dr. Vandana Singh, Chairperson of the Aviation Cargo Federation, analyzes the implications of Indigo's 10% capacity cuts, regulatory decisions, and competitive shifts in the airline industry. The conversation highlights the intricate relationships between agriculture, regulation, and market dynamics.
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Tariffs Can't Stop Digital Capital
- US tech firms are routing massive capital to India despite tariffs and protectionism.
- Data, services and IP drive investments that tariffs cannot easily deter.
Brokerages Still See 2026 Upside
- Brokerages remain bullish on India with multi-year Nifty targets despite recent pullbacks.
- Markets underperformed peers but analysts expect a return to a Goldilocks backdrop in 2026.
Weather Triggered Crop Price Deflation
- Unseasonal rains caused crop damage and a rare, sharp deflation in food crop prices.
- Falling cultivation income risks weakening rural demand and related consumer indicators.