Indian stock market: Can Sensex and Nifty extend the bull run amid low inflation and a Budget day wildcard?
Indian stocks near record highs—Sensex & Nifty poised for Budget 2026 fireworks amid 7% GDP surge & shockingly low 1.3% inflation. But will RBI’s steady repo rates spark a bull run or trap? Top gainers, losers, picks exposed—your 2026 edge awaits
Indian investors are entering February 2026 with a rare mix of strong GDP growth, ultra-low CPI inflation, and a market that is just off record highs but increasingly volatile ahead of Union Budget 2026. BSE Sensex and NSE Nifty 50 have paused for breath after a powerful multi‑month rally, while Bank Nifty is consolidating just below key psychological levels, setting up a classic “make‑or‑break” zone for traders and long‑term investors alike.
This deep‑dive briefing walks through Indian stock market trends as of Sunday, 1 February 2026, tying together index moves, macro data (India GDP growth, CPI inflation, RBI repo rates), sector rotations, foreign index influences, and practical stock and portfolio ideas for 2026.
Where the headline indices stand now
- BSE Sensex
- Last close (Friday, 30 January 2026, pre‑Budget special week): around 82,269.78, down 0.36% on the day after a three‑day winning streak.
- The index is still near its all‑time high, with profit‑booking ahead of the Union Budget driving the latest dip.
- NSE Nifty 50
- Nifty Bank (Bank Nifty)
- Last close: 59,610.45, down 347.40 points (‑0.58%).
- Valuation: P/E 16.22 (cheaper than Nifty 50), P/B 2.13, dividend yield 0.98%.
- Technical narrative: resistance in the 60,000–60,100 zone; a breakout could open 60,400–60,800, while 59,300–59,400 remains a critical support band.
- Broader market & volatility
- Nifty Midcap 100 and Nifty Smallcap 100 trade at P/E multiples above 30, richer than the Nifty 50 and Bank Nifty, reflecting strong risk appetite and “beta chasing” in smaller names.
- India VIX around 13.6, up about 2% on the last reading, signals low but creeping volatility into Budget week—a sign that the complacency phase is fading.
Investor sentiment snapshot
- Foreign portfolio investors (FPIs) sold roughly ₹38,740 crore of Indian equities in January 2026, though selling pressure has eased in the last few sessions as Budget expectations firmed.
- Domestic institutional investors (DIIs) and retail SIP flows continue to provide a strong equity bid, offsetting FPI risk‑off behavior and cushioning drawdowns.
Takeaway: The market is in a bullish but nervous phase—valuations elevated, macro supportive, but Budget risk and global jitters are injecting short‑term two‑way volatility.
Key economic drivers: GDP, inflation, RBI policy, unemployment
India’s GDP growth trajectory
- The Economic Survey and related macro reports project FY26 real GDP growth around 7.3–7.4%, keeping India among the fastest‑growing major economies.
- Projections for FY27 place growth in a 6.8–7.2% band, suggesting a soft landing rather than a sharp slowdown, supported by government capex, PLI schemes, and resilient services exports.
What this means for equity markets
- Persistent 7%‑type growth allows earnings to compound even if valuation multiples compress slightly, which is constructive for long‑term return expectations.
- Sectors most levered to this growth include banks (credit cycle), capital goods/infrastructure, autos, and discretionary consumption.
CPI inflation and inflation trends in India
- Headline CPI inflation averaged around 1.7% during April–December 2025, historically low for India.
- Official data show CPI at 1.33% year‑on‑year in December 2025, up from 0.71% in November but still far below the RBI’s 2–6% comfort band.
- Through 2025, CPI trended from about 4.3% in January to near 0.25% in October before stabilizing, driven by soft food and fuel prices.
Implications for markets
- Low inflation has been the core argument for lower discount rates and higher equity valuations—particularly for long‑duration growth stocks such as IT, new‑age consumption, and digital plays.
- It also creates room for the RBI to remain accommodative without fearing an inflation flare‑up, supporting credit growth and risk assets.
RBI repo rate and monetary policy stance
- The Monetary Policy Committee cut the repo rate by 25 bps to 5.25% in December 2025, its second consecutive cut in this easing cycle, and maintained a neutral stance.
- Consensus expectations and economist surveys suggest repo is likely to stay at 5.25% through much of 2026, barring an external shock or sharp inflation surprise.
Transmission and banking system impact
- With inflation near 1–2% and repo at 5.25%, real policy rates are comfortably positive, which supports the rupee and keeps imported inflation in check.
- Banks are seeing reasonable margin stability; cost of funds is not falling as fast as policy rates due to liquidity management and currency interventions, but loan growth remains healthy.
Labour market and unemployment
- High‑frequency labour data are mixed, but surveys indicate steady formal job creation in manufacturing, IT services, and construction, alongside persistent under‑employment in informal sectors.
- For equity investors, what matters is that consumption indicators (auto sales, housing, discretionary demand) remain consistent with mid‑single‑digit real wage growth and rising urban employment.
Macro conclusion: A rare combination of 7%+ GDP growth, ~1–2% CPI inflation, and a 5.25% repo rate is structurally bullish for Indian equities, even if short‑term valuations and Budget risk trigger corrections.
Nifty today: point‑wise breakdown for 1 February 2026
While the Sunday Budget‑day session is unique, the most recent full‑day data give a clear picture of Nifty’s setup.
- Index level and breadth
- Nifty 50 closed at 25,320.65 (‑0.39%), with more losers than gainers among its 50 constituents.
- Market breadth tilted negative but not capitulative, signaling healthy consolidation rather than panic.
- Valuation snapshot
- P/E: 22.04; P/B: 3.44; dividend yield: 1.30%.
- Compared with India’s 7%+ growth, this implies a PEG (P/E relative to earnings growth) near 1–1.2 for bluechips, reasonable but offering limited margin of safety.
- Sector tilt within Nifty 50
- Defensives like FMCG and pharma outperformed, while metals and IT underperformed on the latest day.
- Rotation suggests investors are tactically seeking safety ahead of Budget, even as long‑term bullishness on cyclicals persists.
- Top gainers in Nifty 50
- NESTLEIND, TATACONSUM, APOLLOHOSP, M&M, ITC led the gainers list, with daily rises in the 1–3.5% range, largely on strong earnings visibility and consumption resilience.
- This reflects a preference for companies with stable cash flows, strong brands, and pricing power.
- Top losers in Nifty 50
- HINDALCO, TATASTEEL, COALINDIA, ONGC, ICICIBANK were among the biggest laggards, falling 2–6% on the day as commodity and value‑oriented names corrected.
- Global commodity demand concerns and profit‑taking after a strong run drove much of this move.
- Derivatives and volatility context
- Support and resistance levels
- Immediate Nifty supports: 25,200 and 25,000; a break below 24,900 could accelerate correction.
- Resistances: 25,450, 25,600, 25,700; sustained trade above these zones re‑opens the path to fresh highs.
Sensex vs Nifty 50 trends: February 2026 setup
Both indices remain tightly correlated, but sector composition differences (heavier financials and energy weights in Sensex) can drive short‑term performance divergence.
Sensex vs Nifty 50: late‑January/early‑February 2026 snapshot
| Metric / Aspect | BSE Sensex | Nifty 50 |
| Last close (30 Jan 2026) | 82,269.78 (‑0.36%) | 25,320.65 (‑0.39%) |
| Recent trend | Snapped 3‑day rally on pre‑Budget profit‑booking | Similar 3‑day winning streak, then mild correction |
| Valuation | Broadly comparable; large‑cap heavy; P/E high‑teens to low‑20s | P/E 22.04, P/B 3.44, dividend yield 1.30% |
| Sector tilt | Higher weights to banks, energy, conglomerates | Slightly broader sector exposure, including more consumer & IT |
| Beta vs global indices | High correlation with global risk sentiment, especially US tech and financial flows | Similar, but somewhat more diversified via domestic consumption names |
| Budget sensitivity | Highly sensitive to fiscal, PSU, and banking announcements | Sensitive to tax policy, capital markets rules, and consumption‑linked measures |
Interpretation: For February 2026, Sensex and Nifty 50 are likely to move broadly in sync, but surprises in banking, PSU, or energy policy could cause the Sensex to overshoot on either side relative to Nifty.
Latest market news highlights and their impact
1. Union Budget 2026: special Sunday session and fiscal signals
- The Indian equity market is open on Sunday, 1 February 2026, for a rare special trading session aligned with the Union Budget 2026 announcement.
- Markets sold off modestly on Friday as traders chose to lock in profits ahead of the event, reflecting elevated near‑term risk aversion.
Impact (point‑wise):
- If Budget 2026 emphasizes capital expenditure, infrastructure build‑out, and manufacturing incentives, sectors like capital goods, cement, infrastructure, and banks could see a structural re‑rating.
- Any negative surprise on capital gains tax, STT, or high‑income surcharge could trigger immediate pressure on brokerages, domestic cyclicals, and high‑beta stocks.
- Fiscal slippage beyond expectations may spook bond markets and raise long‑term yields, mildly negative for rate‑sensitive sectors.
2. Economic Survey 2025‑26: strong growth, benign inflation
- The Economic Survey projects India’s FY26 GDP growth around 7.3–7.4% and potential growth near 7%, with inflation forecasts around 2% for FY26.
- The Survey highlights robust domestic demand, manufacturing up‑cycle, and structural reforms as key supports.
Impact:
- Confirms the “Goldilocks” narrative for India—high growth with low inflation, reinforcing the bull case for equities and attracting long‑only global capital.
- Strengthens the case for quality growth and consumption themes, as real income gains should remain strong with low inflation.
3. RBI policy expectations: steady repo through 2026
- Economists widely expect RBI to hold repo at 5.25% through most of 2026, balancing growth support with a desire to normalize liquidity and protect the rupee.
Impact:
- Stable policy rates de‑risk banking and NBFC earnings forecasts and support housing, autos, and capex cycles.
- Encourages steady SIP inflows and long‑term allocation to equities, given reduced macro uncertainty.
4. Global risk: US rate uncertainty and tariffs
- US markets ended the previous week lower on renewed Federal Reserve policy uncertainty and concerns over additional tariffs affecting global trade.
- Talk of steeper US tariffs on certain goods and geopolitical tensions have added to global risk‑off episodes.
Impact:
- Short‑term FPI outflows and pressure on export‑linked sectors like IT, metals, and some chemicals are likely when global risk sentiment sours.
- However, India’s domestic‑demand‑driven profile and currency stability help cushion the blow versus other EMs.
Foreign indices and global moves influencing Indian markets
Key global benchmarks that shape Indian stock market trends:
- US indices (S&P 500, Nasdaq, Dow Jones)
- Recent declines on policy and earnings worries have weighed on risk sentiment globally.
- Indian IT and new‑age digital stocks are highly sensitive to Nasdaq moves; financials track S&P 500 bank performance.
- European indices (Euro Stoxx 50, FTSE 100, DAX)
- Slowing eurozone growth and energy‑related uncertainties have kept European equities volatile.
- Export‑oriented Indian sectors, especially autos and engineering, monitor European demand closely.
- Asian peers (Nikkei 225, Hang Seng, Shanghai Composite)
- Concerns over a China slowdown and property stress remain a structural overhang, spilling into Asian risk assets.
- However, India is increasingly viewed as a “relative winner” in Asia, pulling incremental regional flows.
- Commodity indices and crude oil benchmarks (Brent/WTI)
- Geopolitical tensions and tariff dynamics have made oil prices choppy; spikes can temporarily pressure India’s macros given its importer status.
- Low inflation so far indicates that commodity pressures have been offset by other factors like currency management and subsidies.
Bottom line: When US and Asian markets sell off sharply, Indian indices usually see gap‑down opens, but strong domestic flows have made corrections shorter and shallower than in prior cycles.
Top 10 Nifty gainers and losers (latest session) with brief analysis
From the most recent detailed Nifty 50 gainers/losers data:
Top 10 Nifty 50 gainers
| Rank | Stock | % Change | Quick view |
| 1 | NESTLEIND | +3.46% | Strong defensive consumption; premium valuation supported by stable volume growth and pricing power. |
| 2 | TATACONSUM | +2.24% | Benefiting from premiumization in beverages and foods; synergies across Tata group platforms. |
| 3 | APOLLOHOSP | +2.19% | Healthcare demand, diagnostics, and insurance tie‑ups driving earnings momentum. |
| 4 | M&M | +1.77% | Robust SUV pipeline and improving farm sentiment support volume visibility. |
| 5 | ITC | +1.16% | Mix of cigarettes, FMCG, hotels; steady cash flows and improved FMCG profitability. |
| 6 | TITAN | +1.08% | Structural jewellery and watches story; margin expansion through premiumisation. |
| 7 | BEL | +1.07% | Defence and electronics capex; beneficiary of government push on indigenisation. |
| 8 | EICHERMOT | +1.03% | Premium motorcycles and exports; cyclical tailwinds in leisure mobility. |
| 9 | SBIN | +1.01% | PSU banking leader, improving asset quality, and strong credit growth. |
| 10 | BAJAJ‑AUTO | +0.76% | Exports recovery and premium two‑wheeler mix aiding margins. |
Key theme: Investors are rewarding high‑quality consumption, healthcare, and select auto/defence names with stable or rising earnings visibility.
Top 10 Nifty 50 losers
| Rank | Stock | % Change | Quick view |
| 1 | HINDALCO | ‑5.98% | Hit by global metals weakness and profit‑taking after a strong run. |
| 2 | TATASTEEL | ‑4.81% | Steel demand concerns in China and Europe weighing on sentiment. |
| 3 | COALINDIA | ‑3.46% | Cyclical profit‑booking; ESG and structural concerns over thermal coal. |
| 4 | ONGC | ‑2.66% | Volatile crude prices and policy overhang keep valuations in check. |
| 5 | ICICIBANK | ‑1.92% | Short‑term profit‑taking; structurally strong ROE story remains intact. |
| 6 | JSWSTEEL | ‑1.88% | Same global metals headwinds as peers. |
| 7 | TECHM | ‑1.88% | IT stocks correcting on US macro uncertainty and deal timing concerns. |
| 8 | HCLTECH | ‑1.75% | Valuation cool‑off and near‑term IT demand questions. |
| 9 | POWERGRID | ‑1.75% | Relative rotation out of defensives with capped growth. |
| 10 | TRENT | ‑1.51% | High‑valuation retail name; any margin concern triggers outsized swings. |
Key theme: Cyclical commodity and IT names are the pressure points during global risk‑off or macro uncertainty phases.
Sector performance India 2026: IT, banking, pharma, consumer, and more
Using NSE sector indices as of the latest trading session:
Major sector moves and valuations
| Sector Index | % Daily Change | P/E | P/B | Dividend Yield | Quick take |
| NIFTY BANK | ‑0.58% | 16.22 | 2.13 | 0.98% | Reasonable valuations; structural credit up‑cycle. |
| NIFTY IT | ‑1.03% | 27.03 | 7.06 | 2.80% | Global macro headwinds; still richly valued vs banks. |
| NIFTY FMCG | +1.37% | 37.40 | 9.24 | 2.20% | Expensive defensives but supported by low inflation and strong brands. |
| NIFTY PHARMA | +0.70% | 33.10 | 4.73 | 0.70% | Earnings visibility improving; valuations elevated. |
| NIFTY PSU BANK | +0.06% | 9.11 | 1.47 | 2.13% | Deep value with improving asset quality and ROEs. |
| NIFTY PRIVATE BANK | ‑0.63% | 20.03 | 2.25 | 0.55% | Quality compounders; trade at premium to PSU banks. |
| NIFTY CONSUMER DURABLES | +1.08% | 57.22 | 10.77 | 0.43% | High‑beta consumption; very expensive but driven by premiumisation. |
| NIFTY METAL | ‑5.21% | 20.63 | 3.08 | 1.55% | Under pressure from global slowdown worries. |
| NIFTY REALTY | +0.84% | 35.68 | 3.79 | 0.38% | Benefiting from housing up‑cycle and low rates. |
| NIFTY HEALTHCARE | +0.75% | 35.99 | 5.21 | 0.60% | Beneficiary of secular spending on health. |
Sector rotation insights:
- Investors are increasingly favouring defensive growth (FMCG, healthcare, consumer durables) and financials over export‑linked IT and metals in the near term.
- PSU banks still look inexpensive vs private banks on P/E and P/B, but carry higher policy risk; selectively they can offer outsized returns in 2026 as credit and corporate capex cycle improve.
Top 10 stocks to buy on NSE/BSE for 2026 (illustrative)
Below is an illustrative list of bluechip and large midcap names that align with 2026 Indian stock market trends. Valuations are approximate and based on latest index‑level or public info; always verify live data before investing.
| Stock (Segment) | Rationale (2026 view) | Approx. valuation flavour | Dividend / cash‑flow angle | Key triggers / risks |
| 1. SBI (Banking, PSU) | Market‑leading PSU bank with improving asset quality, robust retail and corporate loan growth, and operating leverage from digitisation. | Trades at a discount to top private banks on P/B despite improving ROE profile. | Reasonable dividend yield, strong internal accruals to fund growth. | Upside from credit growth and PSU re‑rating; risk from policy interventions and slippages. |
| 2. HDFC Bank (Banking, private) | High‑quality retail‑focused lender with strong liability franchise and consistent earnings; a core India compounding play. | Premium P/B vs sector justified by superior asset quality and scale. | Modest but stable dividend; high reinvestment rate. | Beneficiary of rate stability and consumption; risk from integration execution and competition. |
| 3. ICICI Bank (Banking, private) | Balanced corporate and retail bank with rising ROE and better asset quality than prior cycles. | Valuations attractive versus its own history and peers given earnings momentum. | Growing dividend potential as stress declines. | Upside from operating leverage; risk from any renewed corporate stress. |
| 4. Reliance Industries (Energy, consumer, digital) | Diversified play on refining, telecom, retail, and now new energy; key beneficiary of India’s consumption and data story. | Conglomerate discount partly offset by strong cash‑flow visibility. | Dividends plus reinvestment into growth projects. | Triggers: retail and digital monetisation, energy transition; risk: regulation and capex intensity. |
| 5. ITC (FMCG, cigarettes, hotels) | Strong cash‑generating core plus improving FMCG margins and hotel re‑rating; defensive anchor in volatile markets. | P/E lower than FMCG peers despite strong cash flows. | Attractive dividend yield relative to Nifty average. | Triggers: FMCG scale‑up, hotel demerger/rationalisation; risk: regulatory moves on tobacco. |
| 6. TCS / Infosys (IT services) | Top‑tier IT services exporters with strong balance sheets and digital capabilities; secular beneficiaries of global tech spend. | P/E in mid‑20s; premium to broad market but justifiable on ROE and cash generation. | High payout ratios via dividends and buybacks. | Triggers: deal wins, AI‑related demand; risk: US/Europe slowdown pressuring IT budgets. |
| 7. Apollo Hospitals (Healthcare) | Leader in tertiary care, diagnostics, and health insurance tie‑ups; leveraged to rising healthcare spend. | Premium P/E given growth visibility and asset base. | Limited yield; reinvestment into expansion. | Triggers: occupancy, diagnostics scale, digital health; risks: regulation, capex execution. |
| 8. M&M / Maruti (Autos) | Plays on rural recovery and premium personal mobility; benefit from replacement demand and exports. | P/E reasonable vs earnings growth; cyclically sensitive but supported by macro. | Steady dividends plus cyclical upside. | Triggers: new model launches, rural income; risk: commodity costs, EV disruption pace. |
| 9. BEL / Defence basket | Direct beneficiary of defence capex and indigenisation focus; strong order book visibility. | Valuations have rerated but still attractive vs growth pipeline. | Moderate dividend; strong cash‑flows. | Triggers: new orders, margin improvement; risks: project delays and government budgets. |
| 10. High‑quality PSU basket (select CPSE, PSU banks, power) | Structural re‑rating theme based on better governance, higher dividends, and monetisation initiatives. | Often low P/E and high dividend yield vs private peers. | Attractive yields supported by government’s need for payouts. | Triggers: disinvestment, policy support; risks: abrupt policy changes, earnings volatility. |
These names form the backbone of many bluechip stock picks and long‑term “core” portfolios for 2026, focusing on quality, growth visibility, and reasonable valuations.
Stock recommendations for today: how to think about it
Because intraday recommendations must respond to live prices and personal risk profiles, a framework‑based approach is more useful than a fixed tips list. Still, based on current 2026 trends:
Point‑wise approach for 1 February 2026
- Anchor with quality financials
- Focus on large private banks (HDFC Bank, ICICI Bank) and SBI for core positions, as they benefit from 7%+ GDP growth, stable repo, and improving credit quality.
- Add defensives in a low‑inflation world
- FMCG leaders (ITC, Nestle India, HUL) and healthcare (Apollo Hospitals, Sun Pharma, Dr Reddy’s) provide earnings stability with pricing power, ideal ahead of Budget‑induced volatility.
- Select cyclical exposure
- Autos (M&M, Maruti) and select capital‑goods/infra names can ride the capex and consumption cycle, but position sizing should account for Budget risk.
- Limit metals and high‑beta export exposure tactically
- Given global slowdown concerns and recent sharp declines in metals and some IT names, stagger entries and avoid outsized positions in HINDALCO, TATASTEEL, etc., unless you have a high risk appetite and long horizon.
- Use staggered buying and strict risk controls
- Deploy capital in tranches over multiple days around Budget rather than “all‑in” on 1 February; keep stop‑losses and maximum loss thresholds per position.
- Avoid leveraged punts on derivatives unless experienced
- Elevated event‑risk can make Bank Nifty and Nifty options extremely volatile; they are better suited for hedging than speculative bets for most investors.
Suggested diversified portfolios by risk profile (2026)
These are illustrative “market prediction India 2026” style allocations built on current macro and sector trends. Always adjust weights and names to your own research and constraints.
Conservative (capital protection + modest growth)
Goal: Beat inflation comfortably with limited drawdowns.
- 40%: Large private banks and SBI (HDFC Bank, ICICI Bank, SBI)
- 20%: FMCG leaders (ITC, HUL, Nestle India)
- 15%: Healthcare and pharma (Apollo Hospitals, Sun Pharma, Dr Reddy’s)
- 10%: High‑dividend PSU / utilities (select CPSE, power, PSU banks)
- 15%: Short‑duration debt funds or government securities (benefitting from stable repo and low inflation)
Pros: Lower volatility, strong dividend and coupon flows, diversified across defensives and financials.
Cons: Limited upside versus aggressive growth portfolios if a roaring bull market continues.
Moderate (balanced growth and risk)
Goal: Capture bulk of equity upside while staying diversified.
- 35%: Financials (mix of HDFC Bank, ICICI Bank, SBI, select NBFCs)
- 20%: Consumption (FMCG + discretionary like Titan, Trent in moderation)
- 15%: IT leaders (TCS, Infosys)
- 15%: Autos (Maruti, M&M) and select industrials/infra
- 10%: Healthcare/pharma
- 5%: Metals/commodities as a tactical bet
Pros: Broad exposure to India’s growth engines; diversified by style and sector.
Cons: More sensitive to global shocks and Budget surprises than conservative allocation.
Aggressive (high growth, higher volatility)
Goal: Maximise return potential over 5+ years with acceptance of drawdowns.
- 30%: Core large‑caps (banks, Reliance, TCS/Infosys) as a stability anchor
- 30%: Midcap and smallcap themes (consumer durables, defence, digital, manufacturing, realty) via diversified funds or a basket
- 20%: PSU re‑rating and infra/capex plays
- 20%: Tactical themes (metals, export‑oriented stocks, new‑age internet) with strict risk controls
Pros: Highest upside if India’s 7% growth and low inflation sustain and global conditions remain benign.
Cons: Large drawdowns in corrections; requires discipline, time horizon, and rebalancing.
Final Thought: How to navigate Indian stock market trends in 2026
Indian investors are facing a rare phase where India GDP growth is strong, CPI inflation is unusually low, and RBI repo rates are supportive, even as global markets wrestle with Fed uncertainty, tariffs, and growth scares. BSE Sensex, NSE Nifty 50, and Bank Nifty all reflect this tension—near highs but with rising volatility and sharper sector rotations, especially around Budget 2026.
For 2026, the most sustainable strategy is to build a diversified, quality‑biased portfolio anchored in leading banks, consumption, healthcare, and select industrials, while using midcaps, PSUs, and cyclicals as return enhancers rather than portfolio cores. Use corrections around events like the Budget to accumulate strong businesses at better valuations, avoid over‑leverage, and align your risk profile with your time horizon.
Disclaimer: The use of any third-party business logos in this content is for informational purposes only and does not imply endorsement or affiliation. All logos are the property of their respective owners, and their use complies with fair use guidelines. For official information, refer to the respective company’s website.
Disclaimer: This analysis on Indian stock market trends is for educational and informational purposes only and does not constitute financial, investment, legal, tax, or accounting advice. Markets are volatile; past performance isn't indicative of future results. Consult a qualified financial advisor before making investment decisions.
