뉴스

Centre allocates Rs 95k crore for VB-G RAM G

Private sector banks are the best contrarian bet for the next 3 years, says S Naren

The continued rise in leverage among retail and high-net-worth investors through derivatives and margin trading facilities (MTFs) remains a key concern for the market, S Naren, Executive Director and CIO of ICICI Prudential AMC said at ICICI Securities India Investor Conference 2026.While there has been significant discussion around the sustainability of mutual fund inflows and SIP contributions, Naren believes leverage in the derivatives market poses a much bigger risk than any moderation in mutual fund investments.Also Read | Sensex down over 10K points from Dec peak. Should investors buy the dip, hold positions, or wait on sidelines? "The level of leverage in the derivatives market and the amount of margin trading funding taken from brokers have continued to increase. That is a concern because leverage among retail and HNI investors is rising," he said.According to Naren, even if SIP inflows witness a marginal slowdown, it is unlikely to pose a significant challenge as mutual fund investors are typically long-term participants who invest without leverage. In contrast, derivative traders often operate with borrowed money, increasing risks during periods of market volatility.He noted that margin trading facility exposure is currently at its highest-ever level, highlighting the growing appetite for leveraged market participation.Against this backdrop, Naren sees an interesting contrarian opportunity emerging in segments that have witnessed relentless foreign institutional investor (FII) selling over the last 20 months."If you look for something contrarian today, it would be stocks where FIIs have been persistent sellers over the last 20 months," he said.Among these, private sector banks stand out as one of the most attractive investment opportunities for long-term investors, according to Naren.He believes private banks could emerge as the best-performing sector over the next three years. One key reason is the significant reduction in foreign ownership resulting from sustained FII selling.Also Read | Four mutual funds restrict large inflows into gold ETFs and FoFs; Rs 25 crore cap imposed "FIIs used to have nearly 40% of their India portfolios allocated to private banks. Whenever they wanted to reduce exposure to India, private banks became the natural source of liquidity," Naren explained.As a result, FIIs have consistently sold private banking stocks over the last 20 months, creating a valuation opportunity for long-term investors willing to take a contrarian view.Beyond equities, Naren remains optimistic about India's debt markets following recent policy measures aimed at improving foreign investor participation.According to him, two critical factors that influence foreign investment in debt markets—currency stability and taxation—have both moved decisively in India's favour."In debt, there are two factors: currency and taxation. Both have turned very positive, which significantly improves India's attractiveness," he said.Naren believes these developments improve India's chances of gaining inclusion in global bond indices such as the Bloomberg Global Aggregate Bond Index and have contributed to a highly optimistic mood in the domestic debt market.He pointed out that bond yields have moved well below policy rates in several segments, particularly in three-year corporate bonds, creating attractive investment opportunities.However, Naren cautioned that the global fixed-income environment today is very different from what prevailed during the 2013 taper tantrum period.At that time, interest rates across much of the developed world were close to zero, making India's bond yields highly attractive to international investors. Today, investors can earn meaningful returns even in developed-market government bonds."US 30-year government bonds are yielding around 5%, and even Japanese government bond yields are at levels not seen for decades," he said.As a result, the yield differential between India and developed markets has narrowed significantly compared with 2013.Also Read | Gold and silver ETFs slip up to 8% amid Israel attack and crude oil spike. What should investors do? While India has strengthened its macroeconomic position considerably over the past decade, global investors now have a wider range of attractive fixed-income options available to them.Naren also highlighted the relatively small size of foreign portfolio investor exposure to Indian debt compared with equities.According to him, FPI debt investments remain only a fraction of FPI equity allocations. In contrast, foreign investors had built substantial equity positions in India during a period when domestic valuations traded at significant premiums to other emerging markets.He noted that Indian equities became exceptionally expensive after 2023 as domestic investors increasingly channelled savings into equities rather than debt."Valuations in India reached levels that were several times higher than markets like China. In such an environment, FIIs logically chose to reduce equity exposure," he said.At the same time, India has historically adopted a cautious approach towards opening its debt markets to foreign investors.Naren believes this measured approach has helped preserve financial stability while gradually increasing foreign participation in government securities.With improving debt market fundamentals, supportive policy measures, and attractive opportunities emerging in sectors overlooked by foreign investors, Naren sees both fixed income and select equity segments offering compelling opportunities for long-term investors.Commenting on the recent correction in Kospi, Naren said that it is a healthy correction but even now I don't think on market cap terms it is cheap.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.

JoSAA mock seat allotment 2026 released

The Joint Seat Allocation Authority (JoSAA) has released the first mock seat allocation for the 2026 counselling process, giving engineering aspirants an early indication of the institutes and courses they may secure based on their current choices and rank positions.Candidates who have registered for JoSAA Counselling 2026 and filled in their programme and institute preferences can now check their provisional allotment through the official JoSAA portal.The mock allocation is designed to help students understand their likely admission prospects and make informed changes to their choices before the actual seat allocation rounds begin.What Is the JoSAA Mock Seat Allocation?The first mock seat allocation is a provisional exercise conducted by JoSAA before the commencement of the official counselling rounds.The allocation has been prepared using the choices submitted by candidates up to 8 PM on 7 June 2026. It reflects the seat a candidate could potentially receive if the counselling process were to conclude based on the current preference order and rank position.Importantly, the mock allocation is not the final seat allotment. Candidates can still modify, reorder, add or remove choices before the counselling deadline.How to Check JoSAA First Mock Seat Allocation 2026Candidates can follow these steps to view their provisional allotment:Step 1Visit the official JoSAA website.Step 2Click on the link for the First Mock Seat Allocation 2026.Step 3Log in using your application credentials.Step 4Submit the required details.Step 5View your provisional seat allocation status.Step 6Download and save the allotment details for future reference.Step 7Take a printout if required.Why the Mock Allocation Is ImportantThe mock seat allocation serves as a valuable planning tool for candidates.By reviewing the provisional allotment, students can assess whether their preferred colleges and branches are within reach. If they are dissatisfied with the outcome, they can revise their choices strategically before the final seat allocation rounds.This process often helps candidates improve their chances of securing a more desirable institute or academic programme.JoSAA 2026 First Round Seat Allotment DateJoSAA is scheduled to announce the first round of seat allocation on 13 June 2026.Candidates who are allotted seats in the first round will be required to complete several admission-related formalities, including:Online reportingDocument uploadVerification processSeat acceptance proceduresAdmission fee paymentThe deadline for fee payment in the first round is 26 June 2026.JoSAA Counselling 2026: Participating InstitutesThe JoSAA counselling process will facilitate admissions to 138 premier technical institutions across India for the 2026-27 academic session.These include:23 Indian Institutes of Technology (IITs)Indian Institute of Science (IISc), Bengaluru31 National Institutes of Technology (NITs)Indian Institute of Engineering Science and Technology (IIEST), Shibpur26 Indian Institutes of Information Technology (IIITs)56 Other Government-Funded Technical Institutes (GFTIs)The counselling process remains one of the largest and most important admission exercises for engineering aspirants in the country.Reservation Categories in JoSAA CounsellingSeats across participating institutions are allocated under various reservation categories, including:Open CategoryGEN-EWS (Economically Weaker Sections)OBC-NCL (Other Backward Classes – Non-Creamy Layer)Scheduled Castes (SC)Scheduled Tribes (ST)Persons with Disabilities (PwD) categoriesCandidates are advised to carefully review category-specific eligibility and seat availability during the counselling process.JEE Main and JEE Advanced Ranks Used for AdmissionsJoSAA uses different entrance examination ranks depending on the participating institution.Admissions to IITs and IISc BengaluruAdmissions are based on ranks secured in JEE Advanced 2026.Admissions to NITs, IIITs and GFTIsAdmissions are based on ranks obtained in JEE Main 2026.Candidates must ensure that their rank details and category information are correctly reflected in the counselling portal.What Should Candidates Do Next?Students should carefully review their first mock allocation and compare it with their desired institute and branch preferences.If necessary, they can modify their choices before the final counselling rounds begin. With the first round of seat allocation scheduled for 13 June, aspirants now have a valuable opportunity to fine-tune their choices and maximise their chances of securing admission to their preferred engineering institute.

Assam CM Himanta Biswa Sarma allocates portfolios to 12 newly inducted Ministers

The Chief Minister retained Home and Political, PWD, Power, Information and Public Relations, and departments not allotted to any other Minister

Muslim leaders warn Congress against ignoring their concerns in Karnataka

The government, they claim, had not acted on demands to enhance reservation under Category 2(B) from 4% to 8%, allocate ₹10,000 crore for minority welfare in the State Budget, and ensure proportionate representation for minorities in the Legislative Assembly and Legislative Council

Retail investors can play on as AMCs cap gold bets

Wealth managers believe retail investors in gold mutual fund schemes will not be affected, after three large asset management companies announced restrictions on purchase of large quantities of gold by investors.Three AMCs namely HDFC MF, ICICI Prudential MF and Nippon Life India AMC have announced temporary restrictions on their gold schemes. All three AMCs announced subscription transactions of large investors who directly transact with them and invest a minimum of 25 crore will not be accepted. In addition, in the case of both HDFC Gold ETF FoF and Nippon India Gold Savings Fund, lump sum purchases will be restricted to a limit of 10 lakh per month. Also for Nippon India Gold Savings Fund, SIPs or STPs will continue with a limit of 50,000 per investor per day.“Restrictions will apply only to large investors, while AMCs will continue to create units for market makers, without any restrictions,” said a ETF head at a domestic fund house. As units are created, there will be enough liquidity available to investors who can buy and sell these units at prevailing market prices.Wealth managers believe the current move by fund houses is in line with the prime minister's message to reduce overall imports.“This is an attempt to slow down purchase of gold and reduce pressure in imports, after the strong inflows into the yellow metal over the last one year,” says Saket Kumar, Co-Founder, ETF Junction.Gold has been one of the best performing assets in recent times, and saw a sharp run up returning 56.08% in the last one year, while over a three year period it returned an annualized 35.89%. However over the last three months it lost 3.59%.“With prices stabilizing over the last three months, there is no longer a frenzy to buy gold. Most investors now allocate 5-10% to the yellow metal in line with their asset allocation largely through SIPs,” says Nikhil Gupta, Founder, Sage Capital.Gold ETFs saw net sales of 71,914 crore in the last 12 months and mutual funds now managed gold assets worth 1.78 lakh crore as of April 30, 2026, a rise of 290% in the last 1 year.

India’s EV push fails to scale, despite schemes and targets

The Lok Sabha plans to allocate EVs to 40 staffers, but India's EV adoption is slow, lagging behind global averages, raising energy security concerns.

Assam CM Himanta Sarma allocates ‘guardian districts’ to 16 cabinet ministers

The ministers will be responsible for coordinating overall development in the districts assigned to them in association with different government departments

Smart money move: Why Groww MF's equity chief is betting on multicap strategies

While warning about the risk of a looming oil shock, Groww Mutual Fund’s equity chief, CA Anupam Tiwari, says multicap strategy together with bottom-up investing can work well in this market.Although there might be valuation concerns in some specific areas, the overall investment environment for active stock picking in mid and small caps has improved to some extent, he says in an interview with ET Markets.Edited excerpts from a chat:Markets have recovered from recent corrections despite geopolitical tensions. What is the market pricing that investors may be underestimating?Markets are showing signs of recovery from the fall due to the prospects of de-escalation and continued talks regarding the resolution of the Middle East crisis. Nevertheless, one possible threat that investors might be overlooking is the possibility of prolonged geopolitical instability that can cause oil prices to remain elevated for an extended period.Sustained higher energy prices could have broader implications for inflation, currency stability, corporate profitability, and economic growth. While markets appear to be pricing in a relatively benign outcome, any disruption that results in persistently elevated crude prices could have a more meaningful impact on the macroeconomic environment than is currently reflected in markets.With valuations still elevated in parts of the market, how should investors think about allocating money across large-, mid- and small-cap stocks today?Broad concerns regarding valuation levels in the market have cooled off in recent months. At the current juncture, close to one-third of the mid-cap space is priced below its five-year average valuation levels, whereas nearly half of the small-cap space is trading below its own five-year average valuation levels.Under these circumstances, although there might be valuation concerns in some specific areas, the overall investment environment for active stock picking in mid and small caps has improved to some extent. Here, a multicap strategy together with bottom-up investing can work well in uncovering better businesses.The multicap category has seen rising investor interest. What advantages does a multicap strategy offer in the current market environment compared to pure large-cap or mid-cap approaches?While the current phase is marked by heightened volatility, volatility is often uneven across segments. In such an environment, a multicap strategy may provide disciplined exposure across market caps within a single portfolio.This allows investors the relative stability and earnings visibility of larger companies, while also participating in the long-term growth potential of mid- and small-cap businesses. By maintaining exposure across segments, a multicap approach can help reduce over-reliance on any single category and provide a more balanced way to navigate changing market conditions.One of the key benefits of a multicap strategy is that it removes the burden of market-cap allocation from investors. Determining when to allocate across segments can be challenging, particularly as market leadership often shifts across cycles. A multicap strategy addresses this by embedding this decision within a disciplined investment framework, freeing investors from having to make often difficult and timing-sensitive allocation calls.From a long-term perspective, multicap funds can serve as a core equity allocation for investors, enabling investors to participate in India's growth story through a combination of established market leaders and emerging businesses.Many retail investors continue to favour mid- and small-caps despite recent volatility. Is the risk-reward equation still attractive in these segments?While mid- and small-cap stocks are generally more exposed during periods of market volatility, the opportunity set within these segments has improved as valuations have moderated across several pockets of the market while business fundamentals have remained intact and even improved in several pockets.Rather than looking at mid and small caps as segments, investors should focus on a disciplined investment framework. Selective opportunities continue to exist despite volatility, making active stock selection increasingly important in determining outcomes.Which sectors currently offer the strongest earnings visibility, and where are you finding opportunities despite market volatility?We continue to focus on sectors where earnings visibility remains relatively strong despite broader market volatility. Financials remain a key area of interest, supported by reasonable valuations, stable asset quality, improving credit growth, and a favorable funding environment, particularly within select NBFCs and mid-sized financial institutions.Within industrials, we remain constructive on themes such as power transmission & distribution, renewable energy, and defence, where order books remain healthy and policy support continues to drive long-term demand. In the auto space, we continue to see opportunities linked to premium consumption trends, EV adoption, and select auto-component manufacturers benefiting from structural drivers such as exports, and regulatory and policy changes.We are also positive on specialty chemicals, particularly businesses with strong contract manufacturing franchises, niche product portfolios, and long-term customer relationships. If you had to allocate fresh money today, which market-cap segment would receive the highest allocation and why?Our equity investment philosophy, QGaRP (Quality and Growth at a Reasonable Price), is market-cap agnostic and driven primarily by stock selection rather than segment-level calls. We seek to invest in businesses that combine high quality management, growth potential, and valuation comfort.That said, our multicap strategy has historically maintained a growth-oriented tilt towards mid- and small-cap companies. With valuations having moderated across several pockets of the mid- and small-cap universe, we believe the environment has become more conducive in these segments for active stock selection.As a result, while we continue to maintain a diversified allocation across market caps, we remain constructive on selectively identifying opportunities within the mid- and small-cap space where fundamentals, growth prospects, and valuations are aligned with our philosophy.

Allocate portfolios ‘useful to society’ to seniors: Muniyappa

Sources close to him said that Muniyappa is adamant about getting Social Welfare Department

Will fans have to pay for free FIFA World Cup 2026 tickets issued due to website glitch?

A ticketing error on FIFA’s website has left dozens of football fans unexpectedly receiving free tickets for the FIFA World Cup 2026. The issue occurred during the checkout process and resulted in some supporters being allocated tickets at no cost. FIFA has now confirmed the mistake and is asking the affected fans to complete payment if they want to keep their seats for the tournament.

'Nothing to worry': DKS in damage-control mode after 'closest of friend' quits Karnataka cabinet

Karnataka chief minister DK Shivakumar has assured that there is "nothing to worry" regarding the resignation of minister Ramalinga Reddy. Reddy, a close friend and senior leader, expressed dissatisfaction with his allocated portfolio and sought a different ministerial post. Shivakumar stated he would discuss the matter with Reddy to resolve the issue.

Days after taking oath, 'humilated' Ramalinga Reddy quits Karnataka cabinet; cites 'DKS U-turn'

Karnataka minister R Ramalinga Reddy resigned just two days after his oath, citing strong dissatisfaction with his allocated portfolio. He expressed disappointment, stating Chief Minister DK Shivakumar reneged on an assurance regarding the Bengaluru development department. Reddy affirmed his continued loyalty to the Congress party, emphasizing he would not work against his conscience.

Shivakumar allocates portfolios to 13-member Karnataka Cabinet, retains finance and personnel

Deputy CM G Parameshwara has been entrusted with the revenue department along with youth empowerment and sports, while Priyank Kharge has been allotted home.

Karnataka cabinet portfolios allocated, but disgruntlement remains

Priyank Kharge will be the new Home Minister, who will also hold IT & BT and e-governance. Deputy Chief Minister G. Parameshwara has been given Revenue and Sports, while Eshwar Khandre has been allocated Rural Development and Panchayat Raj. Byrathi Suresh has been given Transport.

DK Shivakumar Keeps Finance, Priyank Kharge Is Karnataka's New Home Minister

DK Shivakumar will be in charge of other unallocated departments.

Tamil Nadu Chief Minister Vijay Allocates Lone Rajya Sabha Seat To Congress

Tamil Nadu Chief Minister Vijay allots Rajya Sabha seat to Congress

TVK allocates lone Tamil Nadu Rajya Sabha seat to Cong

Tamil Nadu CM Vijay allocated Rajya Sabha seat to Congress party in alliance with TVK after AIADMK leader's resignation for assembly.

Gujarat cabinet approves ‘wire-free city mission’; ₹500 crore allocated for first phase

Under the mission, all 17 municipal corporations and 151 municipalities in Gujarat will be covered in a phased manner.

TVK-led alliance allots Tamil Nadu Rajya Sabha seat to Congress

The Tamilaga Vettri Kazhagam-led alliance has allocated a Rajya Sabha seat from Tamil Nadu to its partner, the Indian National Congress. This decision comes ahead of the biennial elections scheduled for June 18. The Congress had previously requested the seat, which will now be filled by their nominated candidate.