Investors gear up for a “Naya Daur” in 2026: Mirae Asset’s Swarup Mohanty shares market insights

As 2025 draws to a close, market participants are looking at 2026 with cautious optimism. Swarup Mohanty, VC & CEO at Mirae Asset, shared his views with ET Now on the sectors, investor trends, and strategies likely to shape the next year.

On sectoral focus, Mohanty highlighted healthcare and banking. “We remain favourable to the banking segment. In 2026, smaller private banks may offer better opportunities,” he said. “Pharma and healthcare remain core to us. Consumption in certain pockets is getting rerated. As some parts of the market become overvalued, stock picking opportunities open up. 2026 will be a stock pickers’ market.”

Discussing the market outlook, he pointed out the role of triggers and corporate earnings. “Last year we said 2026 has no major trigger and is a year to accumulate assets. With tariffs now in play, the market is watching closely. Corporate earnings need to pick up for the market to move decisively.”

On global allocations, Mohanty explained the shift in Mirae Asset’s portfolio strategy. “Our global allocation has changed. It was India-heavy in 2024, now it’s 50% US, 30% China, and 20% India. These three countries are our main focus.”

Regarding foreign investor flows, he noted the importance of bond yields and currency impact. “Foreign investors get good bond yields at home, and the rupee at 90 affects returns. India needs foreign money, and bond index inclusion could bring significant inflows.”

Innovation and thematic investing remain a key focus. “With passive products, we can create indices anywhere. We recently launched a dividend product and a concentrated Nifty product. EV, AI, and energy remain key themes,” Mohanty said.
On consumption trends and the GST effect, he added, “GST numbers are strengthening, showing unorganised sectors moving to organised. India remains a consumption story and a safe place to invest.” Speaking about precious metals, Mohanty said, “Gold offers better risk-reward than silver. It is becoming a core portfolio asset, not just a hedge.”

Summarising his priorities for 2026, he said, “Asset allocation needs rethinking. Accumulating midcaps offers opportunities. And behaviour matters more than asset class – disciplined investors will create more wealth.”

Finally, when asked to sum up the year in one line, Mohanty said simply, “Naya Daur.”

With a mix of stock-picking opportunities, thematic innovation, and global strategy, Mirae Asset’s perspective positions 2026 as a potential “Naya Daur” for investors.