New Delhi, Aug. 10 -- Improving macroeconomic conditions are expected to support corporate earnings and equity markets in the medium term, but a sustained rise in crude prices could weigh on the earnings-led recovery in H2CY26, with the Nifty 50 potentially falling to around 23,030 by December 2026, according to an Axis Direct report.

The report noted, Q1FY27 earnings are expected to emerge as the next major catalyst for the equity markets, with investor focus shifting from macroeconomic concerns to corporate fundamentals.

With this, management commentary on demand trends, pricing power, margin sustainability, capital expenditure, exports and order inflows will be closely watched.

According to Axis Direct, sustained market gains are li...