Market now a stock-picker’s game; avoid overweighting solar in 2026: Nikhil Khandelwal

• Market is increasingly a stock-picker's game due to narrow valuations and elevated PEs, according to Nikhil Khandelwal.
• For 2026, Khandelwal favors quality financials, capital goods, industrials, select export-oriented names, pharma, and circularity themes.
• Investors should avoid overweighting run-of-the-mill solar businesses and sectors heavily dependent on government capex in 2026.
• Rupee depreciation and trade deal delays impact sentiment, but strong domestic liquidity and SIP flows offer a counterbalance.
• The IPO market outlook for 2026 is robust with a large pipeline, but success hinges on pricing, investor appetite, and fundamentals.

Why It Matters: It offers critical investment guidance for 2026, detailing sectors to favor and avoid.