Why the Nifty Bull Run Is Far From Over: Gulshan Khera Explains the Next Big Move in Indian Markets
When Gulshan Khera speaks, serious market participants listen. Known across Dalal Street and global investing circles for his crisp data-backed insights, Khera — the Chief Market Strategist at Indian-Share-Tips.com and a SEBI Registered Investment Adviser — believes India is at the cusp of a powerful, multi-year bull run. He asserts that the ongoing rally is no flash in the pan but a sustained trend built on earnings strength, FII reversal, and banking sector leadership.
The Pulse of the Market According to Gulshan Khera
Gulshan Khera has consistently maintained that bull markets are born from disbelief, matured by participation, and sustained by earnings. His current outlook reflects the third stage — where fundamentals, global positioning, and sentiment converge. “The real power of this rally,” Khera notes, “is that it’s being driven by core sectors like banking, manufacturing, and infrastructure — not speculative froth.”
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1. Banking Powerhouses Ignite the Next Bull Leg
Khera highlights that the baton of leadership has shifted decisively towards the banking sector — particularly ICICI Bank and HDFC Bank — both of which have delivered stellar Q2 FY26 results. According to him, “When the largest lenders post record profits amid stable credit costs, it signals a strong foundation for a new phase of market expansion.”
| Bank | Q2 FY26 PAT Growth (YoY) | Key Strength |
|---|---|---|
| ICICI Bank | +32% | Loan growth, NIM expansion, asset quality |
| HDFC Bank | +29% | Operational leverage, cost efficiency |
These two giants account for nearly a quarter of the Nifty’s total profit pool. Their strong balance sheets and improving credit growth outlook provide the base for a long-term banking-led bull run.
2. FIIs Short Covering Turns Into Fresh Buying
Foreign Institutional Investors, who had accumulated heavy shorts during the volatility phase of August 2025, are now aggressively covering positions. The reversal of sentiment coincides with cooling US bond yields and renewed optimism over US-India trade progress. “FII short covering often marks the inflection point of a fresh leg of rally,” Khera explains. “We are exactly at that pivot.”
3. Earnings Upgrade Cycle Begins Anew
Brokerages across the board — from domestic majors to global houses — have begun revising their FY26 and FY27 earnings estimates upward. The improvement is broad-based, with banks, autos, capital goods, and telecom showing double-digit earnings visibility. This marks the early stage of a new earnings upgrade cycle, a signal that historically aligns with strong index performance.
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4. India Still Underowned in Global Portfolios
India’s consistent macro stability, coupled with fiscal prudence, has made it an outperformer among emerging markets. Yet, India remains underowned in global EM funds. “This underallocation,” Khera points out, “is the most bullish structural trigger for the next decade. As global managers rebalance toward India, liquidity inflows could surprise on the upside.”
5. US-India Trade: The Hidden Catalyst
Khera emphasizes the transformative impact of US-India cooperation across defense, semiconductors, and renewable technology. “This is not just about trade flows,” he says. “It’s about strategic alignment that attracts capital, builds technology depth, and boosts manufacturing. The geopolitical synergy is a foundation for market resilience.”
Investor Takeaway
Indian-Share-Tips.com Chief Strategist Gulshan Khera, CFP®, who is also a SEBI Registered Investment Adviser, believes the Nifty bull run is entering its most sustainable phase yet. The twin leadership of banks and capital goods, rising earnings estimates, and an improving macro environment point toward a long-term expansion cycle. “This is not the time to fear highs,” he concludes, “but to align with strength.”
For more expert-driven insights and verified market strategies, visit Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.
Related Queries on Nifty and Banking Bull Run
- Why Is Gulshan Khera Bullish on ICICI Bank and HDFC Bank?
- How Does FII Short Covering Signal Market Direction?
- What Marks the Start of an Earnings Upgrade Cycle?
- Will the US-India Trade Pact Boost India’s Market Valuation?
- Which Sectors Could Dominate the Next Nifty Rally?
SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
