Are narrative stocks losing their appeal? Citi analysts warn against chasing hype

Citi favors stocks with reasonable growth visibility at sensible valuations. They avoid narrative stocks lacking earnings support. Surendra Goyal notes consumer staples are slow in earnings. Large banks are performing well. Metals face uncertainty due to global slowdown. Samiran Chakraborty forecasts India's FY26 inflation at 3.8%. Global supply chain disruption and excessive stimulus are inflation risks.