Archive · 23 Dec 2025
Indian Stock Market Trends: 2024 Winners Turn 2025 Losers
Some big companies that did really well in 2024, like Trent and IRFC, are not doing so well in 2025.
This is because their earnings were downgraded, and they fell a lot in value.
On the other hand, some companies that didn't do well in 2024, like Reliance Industries and Bajaj Finance, are doing better in 2025.
Experts say that the companies that do well in 2025 might not necessarily do well in 2026, and some of the 2025 underperformers could become outperformers in 2026.
They also say that the market will be tough on companies that have high valuations and growth concerns.
The experts recommend focusing on domestic cyclicals and asset-heavy defensives for 2026.
Major 2024 large-cap winners like Trent and IRFC underperformed in 2025 due to earnings downgrades.
Companies that underperformed in 2024, such as Reliance Industries and Bajaj Finance, outperformed in 2025.
ICICI Securities predicts that 2025 underperformers could become outperformers in 2026, especially those related to the domestic economy.
The strategy of investing in underperformers of the previous year is risky and requires improving growth visibility and reasonable valuations.
ICICI Securities recommends an overweight position for domestic cyclicals and asset-heavy defensives in 2026.
- Who
- ICICI Securities
- What
- Analysis of stock market trends and predictions for 2026
- When
- 2025 and 2026
- Where
- Indian stock market
- Why
- To identify potential outperformers and underperformers based on past performance and sector trends
Optimistic View
Cautious View
Market Performance
Optimistic View
Underperformers of the previous year can become outperformers in the next year, especially those related to the domestic economy.
Cautious View
This strategy is risky and requires improving growth visibility, earnings upgrades, and reasonable valuations.
Sector Focus
Optimistic View
Focus on consumption over capex in 2025 could reverse in 2026, favoring domestic cyclicals and asset-heavy defensives.
Cautious View
Markets will be unforgiving where growth concerns result in downgrades, especially for stocks with high valuations.
- 2024 Outperformers
- Trent, Varun Beverages, IRFC, Lodha Developers, DLF, Power Grid, Infosys, HCL Technologies, Wipro
- 2025 Underperformers
- Trent, Varun Beverages, IRFC, Lodha Developers, DLF, Power Grid, Infosys, HCL Technologies, Wipro
- 2025 Outperformers
- SBI, Vedanta, M&M, BPCL, Bharti Airtel, Bharat Electronics, Shriram Finance
- 2024 Underperformers
- Reliance Industries, Bajaj Finance, Axis Bank, Asian Paints, Titan Company
- 2025 Outperformers from 2024 Underperformers
- Reliance Industries, Bajaj Finance, Axis Bank, Asian Paints, Titan Company
Sources
Why smallcap stocks may be up for rally after longest underperformance in 22 years
Small Business Confidence Rises Amid Global Challenges, Signaling India’s Economic Strength – ASSOCHAM-D&B Index
Trent, IRFC, PFC, VBL, AEL: Big 2024 largecap winners turn 2025 losers; 2026 outlook
Pankaj Pandey of ICICI Securities on Nifty's 12-month target, earnings growth, top stocks to buy and more
