•Nitin Bhasin of Ambit Capital states an optimistic FY27 requires a perfect transition from government spending to private consumption and flawless execution by top three private banks.
•He notes the consensus 15% EPS growth for FY27E is concentrated in BFSI, contributing nearly 50% of Nifty 50's incremental earnings, making it vulnerable to sectoral headwinds.
•Bhasin maintains a negative outlook for the next 12-18 months due to limited visibility on sustainable near-term catalysts and unlikely acceleration in GDP growth drivers.
•The Supreme Court's ruling on IEEPA is a setback for Trump's tariff agenda, forcing reliance on more restrictive and time-consuming alternative measures.
•The ruling nullified the US-India interim trade deal's legal basis, leading to uncertainty, deferred talks, and exploration of legal options for previously negotiated tariffs.
