Client Associates, one of India’s leading multi-family offices managing over $7 billion in assets, has set a Sensex target of 93,918 for December 2026, signaling measured growth amid global uncertainties.
The firm released its Annual Equity Assessment on Wednesday, shifting focus from return maximization to resilience-driven portfolio construction.
Nitin Agarwal, Head of Investment Research at Client Associates, emphasized that equity markets in 2026 will likely be driven by selective opportunities rather than broad-based rallies. The firm stressed that asset allocation, not market timing, will be critical for portfolio outcomes this year.
The assessment highlights India’s revised FY26 GDP growth forecast of 6.8 per cent, exceeding earlier expectations.
Recent GST reforms and policy initiatives have improved disposable incomes, with stronger auto sales already visible over the past three months.
Domestic institutional investors and sustained SIP inflows are expected to provide market stability despite potential foreign portfolio outflows.
A key theme is the strategic role of commodities, particularly gold, which saw increased central bank purchases in 2025. However, the firm remains underweight on silver, advising against fresh positions at current elevated levels due to unfavorable risk-reward dynamics.
Client Associates noted that while India’s long-term growth prospects remain intact, elevated valuations and near-term earnings moderation warrant a calibrated approach. The firm manages assets for over 1,100 HNIs and Ultra HNIs across 10 major Indian cities.
Published on January 7, 2026
