“Neutral on equities in its September 2026 asset-allocation outlook. This stance is due to a mixed valuation picture, with Nifty 50 trading around its long-term average, while mid- and small-cap stocks are at a premium. However, the outlook also points to continued earnings support, with corporate profits at an all-time high of 5.2% of GDP in FY26 and expected growth across most sectors over FY2027-28.”