Mumbai, Jan 20, 2026, 15:35 IST
- Indian benchmarks dropped to their lowest levels in months, dragged down by slipping IT stocks and renewed concerns over tariffs.
- Prashanth Tapse of Mehta Equities highlighted five stocks to watch over the next 12–18 months, with Belrise Industries, Groww, and Bharti Airtel topping the list.
- Separate brokerage calls highlighted upside targets for stocks such as Infosys, Elecon Engineering, and Just Dial.
Indian shares dropped to their lowest point in over two months on Tuesday, dragged down by declines in IT stocks and renewed worries about U.S. tariff threats tied to Greenland. The Nifty 50 fell 0.38% to 25,487, while the Sensex dipped 0.33% to 82,973 by mid-morning. Foreign portfolio investors had sold 32.63 billion rupees of shares just the day before, Reuters reported. “The volatility in the market is likely to continue in the near-term till some clarity emerges regarding the U.S.-Europe standoff on Greenland tariffs,” said VK Vijayakumar, chief investment strategist at Geojit Investments. 1
The slide came after Monday’s tumble, triggered by disappointing earnings from major players that stirred worries about a widening trade war. “Overall, it has been a mixed bag of earnings so far,” said Arun Malhotra, a fund manager at CaprGrow Capital, highlighting upbeat reports from certain IT firms and loan growth at banks, even as investors remained cautious. 2
In this context, Prashanth Tapse, senior vice president (research) at Mehta Equities, advised investors to focus on long-term bets instead of chasing daily market moves. “Volatility will likely stick around, and markets should stay rangebound unless Nifty breaks decisively above 25,851,” he told Mint. 3
Tapse’s top five stock picks for the next 12 to 18 months include Belrise Industries, targeting 215 rupees, Billionbrains Garage Ventures (Groww) at 200 rupees, and Tenneco Clean Air India with a 635-rupee goal, Mint reported. He also highlighted Bharti Airtel aiming for 2,400 rupees and Mahindra and Mahindra at 4,200 rupees, suggesting potential gains between 15% and 30% from recent closing prices. 4
Short-term jitters showed up in market positioning at the start of the session. India VIX, the volatility index based on options pricing, climbed roughly 3% early on. Decliners outpaced advancers by more than two-to-one, according to 11 .
TradeBrains released a separate “stocks to buy” list, highlighting brokerage targets suggesting upside potential up to 62%. Notable calls include Motilal Oswal’s 2,200-rupee target on Infosys, Axis Direct’s 635-rupee price forecast on Elecon Engineering, ICICI Securities’ 968-rupee target for Just Dial, and Ventura’s 1,557-rupee target on Jubilant Pharmova. 5
Zee Business released a Motilal Oswal long-term stock list featuring State Bank of India, Tata Steel, and BSE. The report tagged SBI and Tata Steel as “Buy” recommendations, while Bajaj Housing Finance was rated neutral. 6
The sell-off has reshaped risk appetite in just two sessions. The Sensex dropped over 1,500 points across those days, while the Nifty 50 slipped roughly 2%, Mint reported. Market capitalization for BSE-listed companies fell to about 455 lakh crore rupees from around 468 lakh crore rupees on Friday. 7
But those optimistic target prices hinge on clear caveats. The Economic Times noted Tuesday’s selloff picked up steam mid-morning, once again driven by IT stocks. It pointed to global trade uncertainty, mixed earnings reports, and steady foreign outflows as key drags — risks that could keep those “upside” targets out of reach if they worsen. 8
The selloff persisted into the afternoon, driven by global tariff news. By 2:06 p.m., the Nifty had fallen 0.88%, while the Sensex dropped 0.77%, the Times of India reported. The declines were linked to ongoing turbulence in global markets following new U.S. tariff actions. 9
Volatility remained high as the session wound down. India VIX climbed almost 8% late in trading, according to Economic Times’ live updates. It’s a stark sign that even so-called “long-term picks” are navigating a market still jolted by every fresh headline. 10
