The brokerage house Antique Stock Broking believes the newly announced United States-India trade deal could change the near-term market mood and sector leadership in Indian equities. According to the brokerage report, the agreement removes a major uncertainty that had been hanging over markets for more than a year and could bring several export-linked and investment-heavy sectors back into focus.
Let’s take a look at what is the brokerage say on this and which sector and stocks it is preferring the most –
Antique Stock Broking top picks
In the large cap space, Antique sees HPCL offering one of the strongest upsides at 56%, followed by Hindustan Aeronautics with a potential 46% gain. Adani Power is seen delivering an upside of 39%, while Mazagon Dock Shipbuilders carries a potential 40% rise. Other large names such as ICICI Bank, HDFC Asset Management, Solar Industries and HDFC Life Insurance have upside potential ranging between 24%-30%, according to the brokerage.
Among midcap stocks, Antique is constructive on Radico Khaitan with a potential upside of 42%, while Siemens Energy India and BHEL are seen rising by around 40% and 35%, respectively. Hitachi Energy India carries an upside of about 31%, while Nippon Life India Asset Management and Max Life Insurance are expected to deliver gains in the 25-27% range.
In the small cap segment, the brokerage flags strong potential in select names. Bajel Projects stands out with an upside of 73%, while Sobha and Aditya Birla Real Estate are seen rising by nearly 70%. Stocks such as Studds Accessories, Allied Blenders and Distillers, and SAMHI Hotels are expected to deliver upside of over 50%, while Chalet Hotels and DOMS Industries also feature with upside potential close to 40%.
Sectors and stocks in focus
According to the brokerage report, several sectors stand to gain either directly or indirectly from the trade deal. Banks are expected to benefit from improved credit outlook and capital flows, with names such as ICICI Bank, HDFC Bank, State Bank of India, Karur Vysya Bank and City Union Bank featuring among the beneficiaries.
In Information Technology services, the brokerage said large players like Infosys, Wipro and HCL Technologies, along with mid-cap companies such as Persistent Systems and Mphasis, could see sentiment improve as visa issues and United States hiring challenges ease.
However, the brokerage cautioned that “every 1% INR appreciation leads to 2% EPS downgrade”, highlighting currency sensitivity.
The pharmaceutical sector also finds a mention in the report, with Cipla and Dr Reddy’s Laboratories seen benefiting from smoother trade conditions. In industrials, companies such as Bharat Heavy Electricals, Apar Industries, Cummins India and GE Vernova Transmission and Distribution are expected to see improved order visibility, especially in power and infrastructure-linked segments.
Defence, textiles and other beneficiaries
Antique remains constructive on the defence sector, naming Hindustan Aeronautics, Bharat Dynamics and PTC Industries as companies that could gain from stronger manufacturing and export prospects.
Textile companies such as KPR Mill, Welspun Living and Arvind Limited are also expected to be in focus, given their exposure to overseas markets.
Other sectors mentioned include power utilities like Adani Power and JSW Energy, transportation players such as Adani Ports, agro-chemical companies including UPL, SRF and Sharda Cropchem, and select auto ancillary names like Studds Accessories.
What the trade deal means for markets
Antique in its report noted that the deal involves a sharp cut in United States reciprocal tariffs on Indian goods to 18% from 50%, while India is expected to lower its tariffs and non-tariff barriers to zero, with details still awaited.
According to the brokerage report, “this development is significantly positive for Indian equities” because it removes a key external risk and improves visibility for businesses with United States exposure.
The brokerage added that foreign portfolio investors, or Foreign Portfolio Investors (FPIs), could rethink their stance on India. “The FPI equity flow may reverse (key overhang for the markets for last 15 months)”, Antique said.
Why foreign investors matter again
One of the key factors the brokerage house noted is the role of foreign investors. It highlighted that “FPI equity outflow of USD 34 bn since Oct-24…may reverse”, noting that the United States accounts for a large share of foreign assets under custody in India.
Antique believes this shift could directly impact sectors where foreign investors already have high exposure, such as financial services, telecom, healthcare and transportation, and also help areas where foreign ownership has been weak for years.
Conclusion
Overall, the brokerage house in its report said, “We remain constructive on Indian equities”, adding that its March 2027 Nifty 50 target stands at 29,500 based on long-term earnings assumptions. The brokerage continues to prefer financials, capital goods, defence and consumer discretionary within its portfolio strategy.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.