Nifty 50 has seen a broad-based recovery of over 1,500 points since October 2025, after experiencing some pullback in July and August. The rally was led by better-than-expected earnings performance for the first half, optimism building for 15% tariffs for India, early signs of consumption pickup, a stable currency, relative attractiveness in valuations versus other emerging markets, and positive sentiments.Based on these developments and after almost 14 months of underperformance, Nifty touched the all-time high levels. During the same period, the Midcap index was marginally up by 1% while the Smallcap index was still lower by 9%. With this picture, brokerage firm Axis Securities has released its list of top six large-cap picks, with upside potential of up to x%. Market overview

Bajaj Finance, HDFC Bank, 4 others among Axis Securities’ top largecap picks for December

Nifty 50 Sees Broad-Based Recovery Amid Optimism

The Nifty 50 has experienced a significant recovery of over 1,500 points since October 2025, following a brief pullback in July and August. This resurgence can be attributed to several key factors, including:

Better-than-Expected Earnings: The first half of the year saw impressive earnings performance, contributing to the market's upward momentum.
Optimism for India Tariffs: The prospect of 15% tariffs for India has generated optimism among investors, further driving the market forward.
Early Signs of Consumption Pickup: Recent indicators suggest a resurgence in consumer spending, a crucial driver of economic growth.
Stable Currency: A stable currency has provided a supportive environment for the market, reducing uncertainty and increasing investor confidence.
Relative Attractiveness in Valuations: Compared to other emerging markets, the Nifty 50's valuations appear relatively attractive, making it an attractive investment opportunity.
Positive Sentiments: Overall market sentiment remains positive, with investors optimistic about the market's future prospects.

As a result of these developments, the Nifty 50 has broken through to all-time high levels, marking a significant milestone. In contrast, the Midcap index has risen marginally by 1%, while the Smallcap index has declined by 9% over the same period.

Brokerage firm Axis Securities has identified its top six large-cap picks, which are expected to offer upside potential of up to x%.