Union Budget FY27 signals strong structural intent, but near-term growth support remains limited.

In this note from the MD’s Desk, Mr Nikhil Khandelwal, shares his perspective on the Budget’s fiscal stance, revenue dynamics, and what the policy choices mean for markets, bond yields, and sectoral positioning in the year ahead.

2025 was a testing year for markets, shaped by global uncertainty and uneven returns. For investors, it reinforced the importance of balance, discipline, and looking beyond short-term market narratives.

In this note from the MD’s Desk, Mr Nikhil Khandelwal reflects on how global and Indian markets navigated the year, the implications of consolidation for future returns, and the investment themes Systematix is tracking as markets move into 2026.