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'Not War, Not Peace': US Troops Adapt To New Normal As Iran Threat Looms

Trump declared his ceasefire with Iran in April, but the war has settled into a stalemate.

WWDC 2026: Apple bets big on a new Siri

Apple is expected to use its Worldwide Developers Conference (WWDC) on June 8 to make a fresh push into artificial intelligence (AI), with a Siri overhaul that has been long pending, new AI-powered tools and iOS 27 likely to take centre stage.The event comes at a crucial moment for the iPhone maker. Nearly two years after unveiling Apple Intelligence, Apple is still facing criticism for delayed features and a Siri revamp that never fully materialised. Now, according to Bloomberg's Mark Gurman, the company is preparing its biggest Siri upgrade in years as it looks to catch up with rivals such as Google Gemini, ChatGPT and Samsung's Galaxy AI.Also Read: ET at Apple’s Bengaluru developer showcase: The apps headed to WWDC 2026New Siri expected to be the biggest WWDC 2026 announcementAt the heart of Apple's plans is a redesigned Siri that is expected to move beyond simple voice commands and become a more capable AI assistant.The new Siri could gain the ability to understand what's on a user's screen, pull information from emails, notes, calendars and contacts, and perform actions across apps. Users may also be able to issue multiple commands in a single prompt. For instance, asking Siri to check the weather, schedule a meeting and send a message at the same time. Many of these features were originally previewed in 2024 before being repeatedly delayed.Apple is also reportedly working on a dedicated Siri app that would function more like ChatGPT or Gemini. The app could allow users to hold ongoing conversations, upload files and photos for analysis, access chat history and sync conversations across devices through iCloud. Apple is even said to be testing support for third-party AI models including Claude and Gemini alongside ChatGPT.iOS 27 may focus on performance, battery life and reliabilityWhile AI is expected to dominate the keynote, iOS 27 itself may be less about flashy redesigns and more about fixing pain points.Unlike last year's major visual overhaul with "Liquid Glass" design, Apple is reportedly focusing on performance improvements, better battery life, fewer bugs and faster response times. The company is also believed to be laying the groundwork for a foldable iPhone expected later this year through under-the-hood changes in the operating system.Apple is also expected to introduce a new AI-focused "Search or Ask" experience, making it easier for users to search their device, launch apps and interact with Siri from a single interface.Also Read: Will your iPhone get iOS 27? These four models may miss out on Apple’s next major software updateAI writing tools and photo editing upgrades could arrive with iOS 27The update could bring a range of new AI features across the iPhone, iPad and Mac.These include a Grammarly-like grammar checker built into iOS, AI-powered writing assistance through a new "Write with Siri" feature, smarter shortcuts that can be created using natural language, AI-generated wallpapers and upgraded photo editing tools capable of expanding images, improving quality and removing unwanted objects more effectively.Apple is also expected to enhance Visual Intelligence, its answer to Google's Lens. The feature could gain the ability to recognise nutrition labels, extract contact information and provide more contextual information about objects seen through the camera.Wallet, Safari and AirPods could get useful upgradesBeyond AI, Apple is reportedly working on a handful of practical upgrades aimed at everyday users.These include a built-in bill-splitting feature in Wallet and Messages, custom digital pass creation in Wallet, a redesigned Safari start page, improved AirPods controls and updates to fitness and heart-rate tracking on the Apple Watch.The company is also said to be improving notification management, adding more customisation options to the Camera app and making several changes aimed at improving the overall experience across its devices.Also Read: Apple to let users choose rival AI models across iOS 27 features: ReportWhy WWDC 2026 could be Apple's most important AI event yetFor Apple, however, the real focus will be Siri.The assistant has largely remained unchanged while competitors have transformed their products into conversational AI platforms capable of reasoning, planning and completing complex tasks. WWDC 2026 could be Apple's attempt to show that it is finally ready to compete in that race — and deliver some of the AI features it first promised users nearly two years ago.Whether Apple can close the gap with ChatGPT, Gemini and other AI rivals remains to be seen, but June 8 could offer the clearest look yet at the company's long-term AI strategy.

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.

World’s hottest market has Korea bulls reaching for protection

A wave of optimism over South Korean stocks is giving way to growing caution, as some investors hedge positions and pare back crowded trades on concerns that the rally has run too hot, too fast.Hedge fund Golden Horse Fund Management has trimmed exposure and added derivative protection, while M&G Investments has cut memory and foundry holdings to broaden out down the AI supply chain. A Bloomberg Intelligence analysis of options on the iShares MSCI South Korea ETF shows investors seeking protection against a decline. The fund tumbled 14% Friday in the US.The moves highlight the challenge facing global money managers. While investors remain upbeat about Samsung Electronics Co. and SK Hynix Inc., the two chip giants that powered Kospi’s more than 90% rise this year, many are becoming pickier about where to put new money and keeping cash ready for opportunities elsewhere.Friday’s selloff in US tech stocks, driven by fears of higher interest rates, shows how quickly popular trades can unwind once sentiment shifts. That risk could spillover into Korea once local markets open.“We’ve been trimming gross exposure at the margin and layering derivative protection over the last few weeks,” said Yi Ling Ong, managing partner at Golden Horse Fund. Several large IPOs, including a SpaceX listing this month, could lead to rotation as funds raise cash to participate, making it “prudent to hold some dry powder,” she said.131561937Over the past year, Korean stocks captured global attention as a combination of the AI boom and the government’s successful corporate reform propelled the index to new highs. Strong earnings potential continues to underpin bullish sentiment, but the extended rally has led to crowding in a few major players, leaving the market vulnerable to abrupt reversals. The benchmark tumbled 7% at one point on Friday.The caution is showing up in the derivatives market.“The debate isn’t whether the Kospi story remains attractive — it’s how to stay invested without giving back a portion of the gains,” said Tanvir Sandhu, global chief derivatives strategist at Bloomberg Intelligence. Options activity in the EWY ETF suggests investors are becoming more cautious, with demand shifting from upside exposure to downside protection, he said.Some investors are looking for opportunities beyond Samsung Electronics and SK Hynix, whose meteoric rise propelled them into the $1 trillion valuation club and helped Korea briefly overtake India as the world’s sixth-largest stock market.“The alpha lies lower down the value chain — in the picks-and-shovels of the picks-and-shovels,” said Vikas Pershad, portfolio manager at M&G, referring to companies that benefit from spending on AI infrastructure without being at the heart of the trade.Not Bearish To be sure, the rotation doesn’t signal investors turning bearish on Korea. Valuations remain cheaper than in rival tech hub Taiwan and investors say the market still offers one of the strongest AI-linked stories in global equities. At 8.6 times forward earnings, the Kospi trades below its five-year average of 10 times and is much cheaper than Taiwan’s benchmark, which trades at about 20 times, data compiled by Bloomberg show.Earnings upgrade cycle has also started to broaden. Excluding Samsung and SK Hynix, the rest of the Kospi is now expected to deliver more than 50% profit growth this year, up from just 20% in January, according to Golden Horse Fund. 131561965“The speed of the rally has been vertiginous but in this type of market I would rather let the rally continue,” said Rajeev De Mello, global macro portfolio manager at Gama Asset Management SA. “Exiting now will make it very difficult to re-invest later if the market doesn’t correct.”Still, foreign outflows have become a concern. Global funds have pulled a record $76 billion this year, selling in every session over the past month. While part of the retreat is due to technical limits on single-stock holding, the selling has been absorbed by more fickle retail investors — a dynamic that may heighten volatility.At the same time, some investors are growing wary of rising retail leverage. The concern is that popularity of leveraged ETFs and the planned weekly single-stock options could amplify swings in an already-volatile market. While the products are “really interesting” and show retail participation is growing, they also leave the market “in somewhat of a precarious position in case of a reversal,” Stephane Martin, head of derivatives institutional sales for Asia at Optiver, said at a panel discussion at Bloomberg’s Volatility Forum last week. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

‘Among those most educated ... ’: Elon Musk flags India’s falling fertility rate

India's fertility rate has slipped beneath the 2.1 children per woman threshold, with a majority of states now reflecting this trend. Elon Musk pointed out that educated women have long surpassed this level, indicating a significant demographic transition. This evolving landscape hints at a slower population increase and the looming concerns of an aging society.

Hindustan Zinc shares tumble 5% to 6-week low after report of govt's plan to sell 2% stake for Rs 5,000 crore

Shares of Hindustan Zinc sharply tumbled nearly 5% on Friday after a report said that the government is planning to sell as much as 2% stake in the metals major for up to Rs 5,000 crore ($525 million).The shares of the company dropped to Rs 575.20 apiece on NSE, the lowest level seen by the stock in six weeks, after the release of the Bloomberg report, citing people familiar with the matter. Shares of Vedanta, meanwhile, tumbled 3% to Rs 318.80 apiece.The Department of Investment and Public Asset Management (DIPAM) aims to launch the process this month or in July this year, the report said, adding that ICICI Securities, Axis Capital, IIFL Capital Services, and HDFC Securities are advising the government on the transaction.Hindustan Zinc shareholding patternThe Central government held nearly 28% stake in India’s largest silver producer, according to data on the company’s shareholding pattern as on March 31, 2026. Its largest promoter, Vedanta, meanwhile, held nearly 61% stake in the company.Another 3.5% stake was held by insurance companies, while foreign investors held more than 2% stake in Hindustan Zinc, as at the end of the January-March quarter of FY26.The latest report on the government's possible stake sale in Hindustan Zinc comes after the centre ramped up its disinvestment efforts. Last week, the government raised about $531 million from the sale of 2% stake in Coal India. Earlier this week, it raised $450 million by selling 6% stake in NHPC. Bloomberg also reported that the government is now mulling an OFS to sell 2% stake in LIC to raise as much as Rs 10,000 crore.ED raids at Hindustan Zinc officesThe shares of Hindustan Zinc declined earlier this week after Vedanta said that the Enforcement Directorate team visited some of its offices, confirming news reports. "We hereby inform that the Enforcement Directorate team visited some offices of our company and Hindustan Zinc, a subsidiary of the company," Vedanta said after stock exchanges sought clarification regarding news reports around ED conducting searches against Vedanta Group in FEMA probe. The Anil Agarwal-led company added that it is fully cooperating with the authorities and providing all requested information.Later, Vedanta announced that the searches had concluded and no penalty or restriction had been imposed by the authorities.Hindustan Zinc share priceHindustan Zinc shares have fallen more than 9% in one week and 6% in one month, while being down more than 6% in 2026 so far. The shares of the company have gained around 17% in one year.Also read: Did this L&T-backed AI stock actually crash 90% in one day? Here's all you need to knowIn the longer term, the stock delivered 87% returns over three years and 72% returns over five years. The company currently has a market capitalisation of more than Rs 2.43 lakh crore. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Reliance traders said to game plan in case RBI raises rates

Traders in Reliance Industries Ltd.’s treasury department are strategizing over where to park the company’s cash in case the Reserve Bank of India starts raising interest rates in the coming months.One proposal involves moving Reliance’s cash holdings from liquid mutual funds into short-dated money market instruments, people aware of the conglomerate’s thinking said. The switch may pay off because the yield spread between money-market papers and the benchmark rate has widened beyond its five-year average and is likely to narrow in the coming months, resulting in capital gains, the people said, asking not to be named as the information is private. Markets are currently expecting about 50 basis points of rate hikes this year, they said.Traders also mulled reducing allocation to longer-dated bonds, which tend to be more sensitive to interest-rate changes, the people said.The strategy discussion cited market expectations and the conglomerate didn’t take an explicit view on interest rates. Treasury departments typically consider a range of market scenarios when evaluating trading strategies.“We categorically deny the information you have provided in your email regarding our opinion on interest rates and the behaviour of the rupee,” a Reliance spokesperson said by email.131502003India's Overnight Swaps Reflect RBI Rate HikesThe view carries weight because Reliance runs one of the largest corporate treasuries in India. The discussion also come ahead of the Reserve Bank of India’s rate decision on Friday, where the central bank is expected to announce measures to support the rupee.While most economists — 29 out of 35 — surveyed by Bloomberg News expect the authority to keep the benchmark rate unchanged, they see the RBI adopting a hawkish stance to prepare markets for potential rate hikes later this year amid inflation pressures triggered by an oil price shock.India’s sovereign bond yields have remained broadly stable this quarter even as the rupee has slid to record lows. The currency has recovered in recent days, helped by RBI intervention and optimism that a US and Iran agreement may lead to the reopening of the Strait of Hormuz, a vital route for the country’s energy imports.The rupee is down 6% this year and recently approached a record low of 97 per dollar. It has been hovering around 95-96 levels in recent days.Reliance’s traders expect the rupee to strengthen if a Middle East peace deal is reached and if the RBI takes measures to attract capital inflows, one of the people said. They have proposed that the owner of world’s largest oil-refining complex partly hedge its long-term forward contract positions as well as coupon payments dues in fiscal year starting March 2028, the person said.

Kerala's First 'Islam-Friendly' Gym Sparks Debate — What It Actually Offers, And Why

The PFI once ran arms training inside Kerala gyms — NIA has six such sites attached. That history looms over Palakkad's new Islam-friendly fitness venture.

El Niño threat looms over monsoon

South Korea rides AI wave, also overtakes India on m-cap chart

Mumbai: With a market capitalisation of over $5 trillion, South Korea has become the sixth largest equity market in the world, replacing India which has a market cap of $4.8 trillion, according to the data from Bloomberg.Earlier, in the last week of May, Taiwan had jumped ahead of India after crossing $5 trillion in market cap.131473576The two Asian markets are in a bull phase, helped by record financial performance from semiconductor manufacturers amid booming demand from the artificial intelligence (AI) ecosystem. South Korean equities have gained 88% in 2026 so far while Taiwan has expanded market cap by 58%. India's market cap, on the other hand, has fallen by over 8% since the beginning of the current calendar year, impacted by heavy selling from foreign portfolio investors (FPIs) amid geopolitical uncertainties in West Asia. They have sold equities worth $24 billion (₹2.2 lakh crore) in the first five months of 2026 compared with $18.9 billion (₹1.7 lakh crore) in the whole of 2025.Samsung Electronics and SK Hynix, South Korea's two largest companies by market cap, have led the current rally in local equity markets with a year-to-date gain of 182% and 231% on bourses. The Asian semiconductor companies are benefitting from the rising AI capital expenditure since memory chips are a part of the building blocks of the technology.

Salman Khan’s Legal Battle Against ‘Kala Hiran’ Escalates | Courtroom Showdown Looms | News18

Salman Khan’s legal battle against the film Kala Hiran has intensified, with the actor alleging that the movie defames him and infringes upon his personality and publicity rights.The controversy is linked to the actor’s long-running black buck poaching case, which the film is believed to reference. Salman Khan’s legal team has reportedly objected to the portrayal and sought action against the filmmakers.However, the makers of Kala Hiran have stood firm on their position, setting the stage for a major courtroom showdown that has sparked widespread debate across the entertainment industry. Watch the full report for all the latest updates. -newsNews18 Mobile App - https://onelink.to/desc-youtube

Strong El Nino looms, climate change may amplify

US-Iran War Hits Real Estate: Construction Costs Jump 25%, Delays Loom

Iran War Impact: Builders say critical materials are becoming difficult to procure at any price.

Chinese humanoids are one step closer to IPOs

China is pitching itself as the global fulcrum for the next phase of artificial intelligence and a legion of robotics companies is lining up initial public offerings to test investor appetite.Unitree Robotics, one of the most recognizable names in the industry after its robots practicing martial arts made headlines, on Monday received approval for a listing in Shanghai. Its IPO will serve as an early test for what could be a broader wave of offerings. Hong Kong alone has at least 46 robotics-related companies in the pipeline, more than 10% of applicants, according to a report. Companies that have filed IPO applications include Leju Robotics and Deep Robotics. “Chinese humanoids are one step closer to IPOs, igniting market interest on humanoids in the second half of 2026,” Sheng Zhong, head of China industrials research at Morgan Stanley, wrote in a note. “Funds from most of the Chinese humanoids’ IPOs will go toward R&D, especially robot models.” The deep pipeline of robotics IPOs mirrors the fast rise of China’s AI ecosystem, where an array of listings whipped up an investor frenzy in the past six months. It also aligns with Beijing’s push to shift high-tech industries from innovation to large-scale deployment. China is rushing to set the pace of funding, industrialization and ultimately leadership in what Nvidia Corp. CEO Jensen Huang calls “physical AI.” Shares of OneRobotics (Shenzhen) Co. jumped as much as 18% in Hong Kong on Tuesday, while component maker Leader Harmonious Drive Systems Co. gained as much as 11% on the mainland. 131456136“This is the decade of the robot – and it belongs to China,” Barclays analysts, including Zornitsa Todorova, wrote in a note last month. “This leadership reflects a decade-long, state-guided push.”The firm says China’s robotics roll-out is already unmatched, accounting for 50% of global industrial robots and 85% of humanoids in 2025. Backed by coordinated industrial policy and tight supply-chain control, humanoids could reach about 3.8% of the nation’s labor capacity by 2035, it estimates. Unitree got a nice shoutout from Nvidia’s Huang on Monday, when he showcased his company’s endeavors in robotic AI. The two companies have partnered to build humanoid “reference” machines, featuring five-fingered hands and built-in chips to replace cumbersome “Frankenrobots” in research labs.Some investors remain more cautious, though, when looking at the companies’ fundamentals. Many robotics firms are expected to burn cash for years and concerns are mounting that valuations could run ahead of earnings.A gauge of humanoid robot stocks has fallen about 13% this year, after registering a 47% gain in 2025. ChinaAMC CSI Robot ETF, a major exchange-traded fund tracking robot-related stocks, has seen net fund outflows for most of this year. Valuations were also elevated, with the sector trading at about 40 times forward earnings, compared with about 14 times for the CSI 300 Index, according to Bloomberg-compiled data.“Investors trading at such elevated valuations are typically not driven by long-term fundamentals, but rather by the pursuit of short-term price gains,” said Shen Meng, a director at Beijing-based investment bank Chanson & Co. “It indicates that sentiment is driven more by market dynamics than by conviction or long-term vision.”The state-run China Securities Journal also struck a cautious tone in an editorial published Tuesday, warning that pre-IPO valuations may outpace fundamentals, with many firms still unprofitable, raising the risk of a sharp correction if growth or commercialization disappoints. Still, prospective issuers can look at the performance of China tech IPOs this year, with many listings thousands of times oversubscribed and producing big gains on their debuts. Two of those companies, AI model developers Knowledge Atlas Technology Joint Stock Co. and MiniMax Group Inc. last month gained inclusion in the Hang Seng Tech Index after massive rallies since their January listings. For investors, the robotics companies can also offer a way to benefit from the rapid expansion of a cutting edge industry, said Zhou Nan, founder and investment director of Shenzhen Long Hui Fund Management Co.“With continued advances in AI, the robotics sector is poised for substantial long-term growth,” Zhou said. “Robotics is expected to become a key driver of enterprise value, and progressively complement or replace human labor across a wide range of use cases.”

IT rally rages on! Infosys, TCS, other stocks jump up to 4% despite overall market weakness

The shares of Indian IT companies including Infosys, TCS and others continued to record sharp gains on Tuesday, pushing the Nifty IT over 3% higher even as the broader Nifty index slipped into the deep red.The Nifty IT index extended gains for the third consecutive session, jumping around 7% during the period to hit a high of 30,785 on Tuesday. Nifty crashed 3% during the same time to trade below 23,250.Infosys shares gained more than 4% to trade at Rs 1,257.90 apiece in the morning trading hours of Tuesday. The heavyweight IT stock has now gained nearly 9% in just three sessions. The shares of Tata Consultancy Services (TCS) meanwhile jumped around 3.5%.Mphasis and LTI Mindtree shares jumped nearly 3% each, while HCL Technologies, Coforge, Tech Mahindra and Persistent Systems shares jumped around 2% each. Wipro shares were trading in the green with marginal gains.What’s driving the rally in IT stocks?The sharp surge in IT stocks comes after a significant decline earlier this year, following the launch of plug-ins for AI startup Anthropic's Claude Cowork agent, which could automate tasks across legal, sales, marketing, and data analysis. "We call it the ‘SaaSpocalypse,’ an apocalypse for software-as-a-service stocks," Bloomberg quoted Jeffrey Favuzza from the equity trading desk at Jefferies.While analysts continue to debate the future of IT companies following fresh AI advancements, investors were quick to analyse the cheap valuations, leading to some pockets of buying. Nuvama, in its note, had highlighted that the IT sector is setting up for a powerful comeback, not a collapse after the brutal AI-driven selloff.“We see no existential threat from Gen-AI,” the brokerage writes, arguing that enterprises will still need a “system integrator” to customise plug-and-play AI and software tools for their highly complex, brownfield technology stacks and to take ownership when “the system fails at 2 am.”The latest round of buying also comes ahead of the Federal Reserve’s policy meeting next month, which would be the first under Chair Kevin Warsh. US President Donald Trump had selected Warsh partly on expectations that he would support lower borrowing costs to stimulate economic growth. However, rising inflation raised questions over the possibility of lowering rates."Indian IT firms are following suit of American companies like Anthropic and OpenAI by taking up contracts and tie-ups which are perceived as promising by investors," said Gaurav Sharma, head of Research, Globe Capital.Arbind Maheswari from BofA Securities told ET Now that the market globally is attracting flow towards only one story, at the front and centre of it is tech and AI. It is hard to pull away from that fact with a near-term vision. “There are people who believe that the whole business model of Indian IT services is put to question by the AI trade. The other side is that IT services companies will evolve and adapt and they have enough cash flow, they have the resilience, and they have shown this in the past where there were threats that seemed existential for the IT services space. This time obviously it is much bigger and it could last longer but I am sure there is enough that these companies have in them both in terms of depth of management and business models that they can evolve to adapt to the new AI world,” he added.Wipro to acquire additional stake in Aggne Global for $28.5 millionWipro announced that it will acquire an additional 20% stake in US-based insurtech company Aggne Global Inc through an all-cash transaction worth $28.5 million. The company said the transaction is expected to be completed by June 5.Earlier this year, the company acquired Mindsprint for $375 million as part of a broader $1 billion transaction with its parent, Olam Group. It also purchased select customer contracts from US-based Alpha Net Consulting LLC and its subsidiaries for $71 million.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Infosys, Tech Mahindra, TCS and other IT stocks jump up to 5%. What’s driving the rally?

Shares of Indian IT companies, including heavyweights Infosys, Tech Mahindra, TCS and Persistent Systems jumped up to 5% on Monday as multiple tailwinds boosted investor sentiment, pushing the Nifty IT index up around 3% to emerge as the top sectoral gainer.The index rose to 29,905 in the morning trading hours of Monday, extending sharp gains for the second consecutive session. The index has now jumped nearly 4% over two days.The sharp surge in IT stocks comes after a significant decline earlier this year, following the launch of plug-ins for AI startup Anthropic's Claude Cowork agent, which could automate tasks across legal, sales, marketing, and data analysis. "We call it the ‘SaaSpocalypse,’ an apocalypse for software-as-a-service stocks," Bloomberg quoted Jeffrey Favuzza from the equity trading desk at Jefferies as saying.While doomsday prophets continue to debate the future of IT companies following fresh AI advancements, investors were quick to analyse the cheap valuations, leading to some pockets of buying. Nuvama, in its note, had highlighted that the IT sector is setting up for a powerful comeback, not a collapse after the brutal AI-driven selloff.“We see no existential threat from Gen-AI,” the brokerage writes, arguing that enterprises will still need a “system integrator” to customise plug-and-play AI and software tools for their highly complex, brownfield technology stacks and to take ownership when “the system fails at 2 am.”Also read: Reports of my death are greatly exaggerated! Why Nuvama is screaming buy on all top 10 IT stocksThe latest round of buying also comes ahead of the Federal Reserve’s policy meeting next month, which would be the first under Chair Kevin Warsh. US President Donald Trump had selected Warsh partly on expectations that he would support lower borrowing costs to stimulate economic growth. However, rising inflation raised questions over the possibility of lowering rates.Technical view on Nifty ITThe Nifty IT index has witnessed a strong rebound after taking support near its crucial support zone, indicating the possibility of a short-term recovery in the sector, Kunal Kamble, Senior Technical Research Analyst at Bonanza had said. “On the hourly time frame, the index is currently forming an inverse Head and Shoulders pattern. A decisive breakout is seen above the neckline of this pattern and has triggered further upside momentum in the index. Such a move is likely to positively impact heavyweight IT stocks that share a high correlation with the index, including Infosys, Tata Consultancy Services, and HCL Technologies,” he added.Technically, the analyst had suggested that if the index manages to sustain above the 29,650 mark, it may open the door for a further recovery towards the 31,280 zone in the near term. However, he added that the current price action appears to be a retracement within the broader trend rather than a complete trend reversal. Therefore, traders should approach the sector with a cautious outlook.“Aggressive or high-risk traders may consider short-term trading opportunities in select IT counters, provided the index maintains strength above key support levels. On the downside, a breach below 28,800 could once again invite selling pressure across the Nifty IT index and associated IT stocks, potentially weakening the ongoing recovery structure,” he said.IT stocksPersistent Systems shares were the top gainers on the Nifty IT index, jumping nearly 5%. Infosys shares followed, surging nearly 4%. Mphasis, Tech Mahindra, LTI Mindtree and Coforge shares gained over 3% each.Also read: Wockhardt shares rocket 19% after FDA approval for antibiotic targeting drug-resistant infectionsTata Consultancy Services (TCS) and OFSS shares jumped around 2% each, while HCL Technologies and Wipro shares gained around 1% each.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

FPI selling puts June rally at risk, midcaps may march on

Mumbai: Indian equities face challenges in repeating their seasonal strength in June, with uncertainty over the peace process between the US and Iran and continued foreign selling clouding the outlook. Mid and smallcap stocks stand a better chance of extending their winning run with domestic money chasing potential winners beyond blue chips.In the past ten years, both the Nifty 50 and Nifty 500 have posted gains in six instances, with average gains of 1.6% and 1.9%, respectively, according to data from Motilal Oswal Financial Services for the past decade.The Nifty Midcap 100 and Nifty Smallcap 250 were up seven times over the past decade, according to Bloomberg data."June seasonality has generally favoured Indian equities," said Sriram Velayudhan, senior vice-president, IIFL Capital Services. "However, factors like crude prices, foreign selling and the impact of adverse weather conditions on the impending monsoon will influence market sentiments in June."The Nifty and Sensex dropped by 2.6% and 2.8%, respectively, in May. The Midcap 100 was up 2.6%, and the Nifty Smallcap 250 gained 1.6%.131431493Analysts said investors tracking seasonal trends must look beyond June."As per seasonality, May and June mostly remain mixed, but July has historically been positive," said Chandan Taparia, head of technical and derivatives research at Motilal Oswal Financial Services. "So dips or consolidation of June can be bought for the next leg of the rally for July."Selective themes such as capital markets, power, energy, auto ancillaries, infrastructure, capital goods, and wire and cable could outperform, he said.Lower foreign ownership is helping small and midcaps, unlike large caps, said Velayudhan.

Zepto shares crash 30% in unlisted market despite Sebi nod for IPO. What's cooking?

The unlisted shares of Zepto Limited have fallen nearly 30% over the past month despite the company securing regulatory approval for its IPO, highlighting growing caution among investors amid volatile market conditions.Zepto's shares, which were changing hands at around Rs 52 in the unlisted market a month ago, have dropped to about Rs 40, according to dealers tracking pre-IPO transactions.The decline comes even as the quick commerce startup recently received approval from Sebi to launch its much-awaited public issue. The company had taken the confidential route to file the DRHP but may soon file its papers publicly in June, according to Bloomberg.Analysts said the fall reflects weakness in the unlisted market and a broader reassessment of valuations rather than any company-specific development. The company is being valued at around Rs 38,000 crore in the dealer market.Several companies that had planned public offerings this year have either delayed listings or adopted a wait-and-watch approach because of volatility in equity markets, geopolitical tensions and uncertainty around investor demand.The benchmark Nifty has remained under pressure for much of 2026, while foreign institutional investors have continued to remain cautious on Indian equities amid concerns over crude oil prices, global growth and the earnings outlook.The weakness in the secondary market for pre-IPO shares has also affected several startup names, with investors becoming more selective on valuations after a strong rally in the segment over the past two years.Zepto is preparing for a public market debut that could raise around $1.3 billion, or roughly Rs 11,000-12,000 crore, making it one of the largest internet IPOs since the listing of Swiggy.If the issue proceeds as planned, Zepto could become the youngest venture-backed Indian startup to enter public markets, just four years after its founding.The proposed offering is expected to comprise a substantial fresh issue of around Rs 11,000 crore along with an offer-for-sale component by existing investors.The IPO assumes significance because it comes amid intensifying competition in India's fast-growing quick commerce sector.Zepto competes with Blinkit, owned by Eternal, as well as Swiggy Instamart, Flipkart Minutes and Amazon Now.The listing is also expected to strengthen the company's balance sheet at a time when the quick commerce industry continues to spend aggressively on expansion, dark stores and customer acquisition.As of late last year, Zepto had around Rs 7,000 crore in cash, significantly lower than the roughly Rs 17,000-18,000 crore cash reserves reported by listed rivals Eternal and Swiggy.The company raised $450 million in October last year at a valuation of $7 billion. Following the fundraise, it accelerated customer acquisition efforts through higher discounts and promotional campaigns as competition intensified across major cities.Zepto had also completed its domicile shift from Singapore to India, a move increasingly adopted by venture-backed startups preparing for domestic listings.The company has appointed a consortium of investment bankers including Morgan Stanley, HSBC, Goldman Sachs, Axis Capital, JM Financial, IIFL Securities and Motilal Oswal Financial Services to manage the public issue. The IPO is expected to hit the market in the July-September quarter of 2026.While the recent decline in the unlisted share price may reflect near-term market caution, investors will closely watch the final valuation and broader market conditions when Zepto eventually launches what is expected to be one of the year's most closely watched public offerings.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Phones flash 'extremely severe alert' as thunderstorm threat looms over parts of Uttar Pradesh

Phones flash 'extremely severe alert' as thunderstorm threat looms over parts of Uttar Pradesh

Hajj travel becomes costlier for pilgrims

The ongoing Iran-US war has increased the cost of travel for pilgrims heading to Saudi Arabia for this year's Hajj, with airfares and travel packages rising sharply across several countries. Higher fuel prices and disruptions to air traffic in the Gulf have pushed up travel expenses for millions of pilgrims preparing for one of Islam's most important religious obligations. In Egypt, which has the largest Muslim population in the Middle East, average airfare for Hajj travellers has increased to 50,000 Egyptian pounds ($956) from 30,000 pounds, according to the country's tourism federation, according to a Bloomberg report. Hajj travel packages have also become more expensive, rising by 30%, with some packages reaching 90,000 pounds compared with 70,000 pounds earlier. The six-day pilgrimage to the holy city of Mecca is generally required once in a Muslim's lifetime for those who are able to undertake it. This year's pilgrimage comes amid regional tensions that have affected aviation operations since February. Jazeera Airways, which is transporting more than 30,000 pilgrims from Russia and Central Asian countries to Saudi Arabia, said fares have increased by as much as 40% this season. The Kuwaiti airline attributed the rise to higher fuel costs and the fact that it did not hedge its fuel purchases. Hajj arrivals continue despite disruptions According to travel company WEGO, as quoted by Bloomberg, airfares to Saudi Arabia from major Muslim markets such as Egypt, Pakistan and India have increased between 20% and 40% compared with the same period last year. Some routes are now about 50% more expensive. Despite the disruptions affecting air travel across parts of the Gulf, Saudi Arabia has largely avoided direct impacts. However, the higher travel costs are expected to affect the more than 1.5 million foreign pilgrims who fly to the kingdom for Hajj each year. Religious tourism remains key revenue source Religious tourism has long been an important part of Saudi Arabia's economy. For many years, pilgrimage travel was the country's primary tourism activity and it continues to provide a stable source of revenue. Each country receives a quota that determines how many citizens can perform Hajj, and waiting lists remain common due to strong demand. Saudi Arabia has also made religious tourism a major part of its broader economic plans. The kingdom is investing in improving the pilgrim experience as it seeks to diversify revenue sources. (With Bloomberg inputs)