Axis Securities expects an earnings recovery in H2 FY26, led by fiscal and monetary reforms, GST cuts, and improved consumption, though Q2 may remain muted. Downgrades hit IT, BFSI, and Pharma, while Cement shows strength. Nuvama warns of global headwinds from US tariffs affecting BSE500 top lines. Investors should monitor global macros, festive demand, and BFSI asset quality.