Expert view, July 2 -- Kush Gupta, Fund Manager and Director at SKG Investment and Advisory, believes the Indian stock market may see a flat or positive ending in 2026, but only if crude oil stays subdued, FPI flows turn net positive and earnings recovery. In an interview with Mint, Gupta said the recovery will not be index-wide, but will be confined to sectors. He is positive about the defence, financial services, and pharma sectors. Edited excerpts:

The first half of the calendar year 2026 (H1CY26) has been a study in compression. The Nifty 50 opened the year at a record high of 26,373 on January 5, corrected nearly 15% to a 52-week low of 22,182 by April 2 and has since recovered around 8.5% from that bottom, leaving it down roughly 8...