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India's booming micro-drama industry is giving rise to a new category of performers calling themselves "vertical actors", as short-form storytelling platforms emerge as an alternative to television and streaming services.Actors, producers, and app founders told ET that emotionally charged performances, stronger roles, rapid audience recognition, and the ability to build dedicated fan bases are drawing talent to the format.Established vertical actors typically work on at least three series a month, earning Rs 1-3.5 lakh per project, giving financial security in addition to the recognition, according to producers. Industry executives expect the trend to create bona fide "vertical stars" whose fame is built largely through micro-dramas consumed on mobile phones in portrait mode.One of the key aspects that differentiates a vertical actor from performers in other storytelling formats is the pace, according to micro-drama directors and actors.“Vertical actors are defined by their ability to work at a fast pace,” said Samay Bhattacharya, a director who has helmed four micro-drama series. “They have to understand characters quickly and deliver spontaneous performances under tight production schedules.”Typically, a micro-drama series comprising 50 episodes—each less than two minutes long—is shot at a brisk pace in fewer than 10 days.“I compare acting across different forms of storytelling to driving,” said actor Karanvir Bohra, a major draw in the Indian micro-drama space. “Films are first gear, while television and web series are second and third gear. Then comes content creation in fourth gear. Finally, vertical acting or storytelling is the highest gear. It demands the best performance and impact in the shortest possible time.”Vertical actors said the format has provided them with much-needed recognition despite spending decades in the industry.“The use of close-ups, melodramatic performances, strong cliffhangers, diverse plots and relatively better roles than television in vertical content has brought significant recognition to actors like me,” said actor Piyush Sahdev. “Despite working for more than 25 years across mediums, today I am easily recognised for my micro-drama series The Secret Khiladi.”“Micro-dramas are reviving the careers of many actors. The careers of actors such as Asmit Patel, Omkar Kapoor and Kunal Kapoor have been revitalised,” said Vicky Bahri, producer and founder & CEO of KLIP, a micro-drama app. “In the future, I foresee bona fide ‘vertical stars’ known for their micro-drama work, given the high viewership numbers.”Vertical actors also view micro-dramas as a way to build an audience base for their work in longer storytelling formats.“Micro-drama content reaches pan-India audiences,” said actor Rajniesh Duggal, known for his debut film 1920. “By working as a vertical actor, I am building my own audience base. This very audience will come to watch my films in theatres. This is one of my chief motivations."
The shares of IDFC First Bank fell nearly 1% on Monday morning after the Central Bureau of Investigation (CBI) conducted searches in six locations, while the private lender announced that it has received the forensic review report from KPMG regarding the fraud case worth Rs 646 crore at one of its branches in Chandigarh.CBI conducted searches at six locations in Chandigarh, Panchkula and Delhi-NCR in connection with the alleged fraud case involving the siphoning of government funds from departments of the Haryana government and the Chandigarh administration.The searches were held on Friday at premises linked to senior Haryana cadre public servants and Noida-based Vipam Consultancy Pvt Ltd and its director as part of an ongoing probe into the alleged misappropriation of funds parked with IDFC First Bank and AU Finance Bank, an official statement said.Also Read | CBI conducts searches in Rs 661 crore IDFC First Bank-AU Finance Bank fraud case"During investigation evidences have surfaced suggesting that the public servants had colluded with bank officials and had facilitated in opening of accounts, transfer of funds and subsequent diversion thereof," the statement said.KPMG's forensic reviewIn an exchange filing released in the post-market hours of Friday, IDFC First Bank said that KPMG's review reaffirmed that the incident arose from collusion involving certain employees or former staff at the branch, some state government employees along with certain third parties. It reiterated that the net principal amount of Rs 646 crore was reported as part of the alleged fraud case.Also Read | IDFC First Bank fraud was isolated case involving collusion, says KPMG“The Bank paid the aforesaid amount and applicable interest to the concerned departments and has recognised the same in the books of accounts in Q4 FY26. The Bank is a victim of this financial fraud and is working with investigative authorities,” IDFC First Bank said.Fraud at IDFC First Bank's Chandigarh branchIDFC First Bank had announced that it has discovered an incident of alleged fraud by some employees at one of its Chandigarh branches in February, involving accounts related to the Haryana government. The lender had received a request from one of the departments of the Haryana government to close its account and transfer funds to another bank. While reviewing the request, it found some discrepancies in the amount mentioned against the balance in the account. This led to a massive 16% crash in the private lender’s share price, to record its worst single-day plunge since March 2020.IDFC First Bank share priceIDFC First Bank shares fell nearly 1% to trade at Rs 71.64 apiece on Monday. The stock is down 16% in 2026 so far. The shares of the company have however gained over 1% in the past one week. The company currently has a market capitalisation of nearly Rs 62,000 crore.Also Read | Why is market crashing today? 7 factors behind selloff(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The Indian stock market ended last week in the red, with analysts flagging multiple factors that could keep pressure on Sensex and Nifty when trading resumes on Monday.On Friday, the Sensex closed 117 points lower at 74,243, while the Nifty 50 declined 50 points to settle at 23,367. Among the top laggards on the Sensex were Trent, TCS, Tata Steel, NTPC, HCL Tech, Bharti Airtel, Kotak Mahindra Bank and Reliance Industries, with losses of 1-2%.Here are five key factors likely to drive the stock market in the week ahead.1) Weak global cuesWall Street ended sharply lower on Friday, with the tech-heavy Nasdaq plunging more than 4% to log its steepest single-day decline since April 2025, after a stronger-than-expected US jobs report fuelled concerns that the Federal Reserve may keep interest rates higher for longer.The Nasdaq Composite tumbled 4.2%, dragged down by a more than 6% slide in Nvidia and an almost 8% drop in Broadcom. Broadcom’s weaker-than-expected guidance heightened concerns that AI-driven demand may not expand as rapidly as markets had anticipated. The Dow Jones fell 1.4%, while the S&P 500 dropped nearly 3%.European markets closed mixed, while Asian equities ended broadly lower. Japan’s Nikkei 225 and Hong Kong’s Hang Seng declined more than 1%, while South Korea’s Kospi plunged nearly 6%. China’s Shanghai Composite also ended about 1% lower.Also read: Why did Nasdaq plunge 4% to log worst day in over a year2) RBI policy impactReserve Bank of India (RBI) Governor Sanjay Malhotra on Friday announced that the central bank’s Monetary Policy Committee (MPC) unanimously decided to keep the policy repo rate unchanged at 5.25%, as it assessed the impact of rising energy prices and supply disruptions linked to the West Asia conflict. The RBI also increased the investment limit for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) in equity instruments.Indian equity markets are likely to remain range-bound next week amid a mix of domestic and global triggers, according to Siddhartha Khemka, Head of Research, Wealth Management, at Motilal Oswal Financial Services.“While the Reserve Bank of India’s measures to attract foreign capital and the government’s tax relief for foreign investors in government securities could support sentiment, we expect market movement to be driven largely by bottom-up stock picking and sector-specific action in the near term,” he said.Khemka noted that the central bank raised its FY27 inflation forecast to 5.1% and lowered its FY27 GDP growth projection to 6.6%, reinforcing concerns over energy prices, geopolitical tensions in West Asia and weather-related uncertainties.“If inflationary pressures remain elevated and external risks persist, the possibility of a future monetary tightening cycle could increase, keeping investors cautious. Going forward, investors will closely track energy prices, developments in the West Asia conflict, monsoon progress, FII flows and the impact of RBI’s policy measures for further market direction,” he added.3) FII selling continuesForeign Institutional Investors (FIIs) remained net sellers in the Indian market during the first week of June, offloading shares worth Rs 31,120 crore, according to Pabitro Mukherjee, Deputy Vice President – Research at Bajaj Broking. Domestic Institutional Investors (DIIs), meanwhile, continued to provide support as net buyers.“Investor sentiment remained subdued amid persistent geopolitical tensions, which kept crude oil prices elevated. Heightened global uncertainty, coupled with prevailing macroeconomic challenges, led to cautious market participation. Going forward, institutional flows are likely to remain highly sensitive to developments in US-Iran relations and movements in oil prices,” he said.4) Iran-US tensions US forces struck Iranian coastal radar sites on Saturday after intercepting drones launched by Iran toward the Strait of Hormuz, the US military said. Reuters, citing a US official, reported that the military believes the four Iranian drones were targeting regional maritime traffic. US Central Command said on X that it subsequently struck Iran’s surveillance sites in Goruk and Qeshm Island, both located along the Strait of Hormuz.Meanwhile, Iran’s Revolutionary Guard Corps said it had targeted US bases in Kuwait and Bahrain in retaliation for the strikes and fired on four tankers attempting to cross the strait without its permission. The developments renewed concerns over escalating tensions in the oil-rich Middle East.Also read: GIFT Nifty tumbles 1.5% as US stock market plunges. Will Dalal Street crash on Monday?5) Bond yields Rising inflation concerns pushed US Treasury yields higher. The yield on the 2-year Treasury note, which is highly sensitive to expectations around Federal Reserve policy, climbed to a 15-month high. Elevated interest rates typically make bonds more attractive relative to equities, weighing on stock market sentiment.Technical view on NiftyThe benchmark Nifty index ended lower for the second consecutive week, reflecting the cautious undertone prevailing in the market, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 has been moving within a defined range as markets digest the RBI’s policy announcement. He noted that sentiment remains weak, with the index continuing to trade below key moving averages. The Relative Strength Index (RSI) also remains subdued, indicating a lack of positive momentum.“In the near term, the index is likely to consolidate within the 23,300–23,500 range. A decisive breakout above 23,500 could trigger an upmove towards 25,700 and beyond, while a break below the 23,300 support level may result in a sharper correction,” he said.(With inputs from agencies)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The Indian rupee is trading around Rs. 95-96 to the dollar in late May 2026, setting fresh record lows. Markets are openly discussing the Rs. 100 threshold. The rupee has weakened in almost every year since 2014 and has lost approximately half its value against the dollar over that period. The end of this currency depreciation is not in sight. The factors that would stop it are not yet visible.The government is acting. State run oil companies have implemented four fuel price hikes in ten days as of May 25, taking petrol in Delhi past Rs. 102 per litre. This is the right and necessary response to the energy cost reality created by the Iran war. Crucially, the Modi government has also done its part on the macroeconomic front, consistently and aggressively reducing the fiscal deficit as a percentage of GDP to maintain structural stability.Yet, the currency pressure persists. The energy price impact has not yet fully reached Indian consumers and supply chains. It is coming.Uday Kotak said it plainly at the CII Annual Business Summit on May 12: "Be ready for tough times rather than waiting for the shock to hit us." He was right.Also read | Manufactured monopoly: How industrial policy is structuring monopolies in IndiaThis is not a time to panic. But it is a time to act. The leaders who move now will have options. Those who wait will not.The Overriding Factor: The Psychology of the PlayersWhy is the currency declining despite strong domestic fiscal discipline? Because exchange rates are not driven by mathematical models alone. The currency decline is highly affected—and accelerated—by the psychology of all players engaged in this endeavor.Currency movements are deeply behavioral. When a currency visualizes a downward trend, psychology shifts from calculation to self-protection and speculation. Every player in the ecosystem operates under this psychological weight:Corporate CFOs and Treasurers: Instead of hedging normally, they rush to cover future dollar liabilities early, hoarding hard currency and inadvertently worsening the scarcity.Foreign Investors: They begin to judge their returns not by the quality of Indian business operations, but by the eroding value of the conversion rate.Importers and Exporters: Importers advance their payments to avoid paying more tomorrow; exporters delay converting their dollar earnings back into rupees, waiting for a "better" rate. This collective psychology creates a self-fulfilling prophecy.Investors, CFOs, and FDI decision makers extrapolate what is happening now into the future. When they see a currency that has lost approximately half its value since 2014 with no clear floor in sight, their psychological pivot alters market realities.Also read | India tightens checks on overseas flows as currency pressure mounts, sources sayThe cascading timeline of Foreign Portfolio Investor (FPI) equity behavior perfectly mirrors this psychological shift from rational evaluation to systemic risk aversion:2024 (The Calculation Phase): Rupee averages Rs. 83-84. FPI flows remain positive (+$12 billion) as investors trade on strong domestic corporate earnings.2025 (The Self-Protection Phase): Rupee slides past Rs. 89. Collective psychology shifts to risk mitigation. FPIs withdraw a record $18.4 billion from Indian equities—the largest annual equity outflow on record.Early 2026 (The Capitulation Phase): Rupee breaks past Rs. 95. Sentiment turns into an outright exit strategy. In the first four months of 2026 alone, outflows have already reached $19.1 billion, completely bypassing the entire previous year's record loss in a fraction of the time.FDI agreements are being signed, but capital is delayed because players are psychologically hesitant to deploy funds into a depreciating asset.The Trap of Hard Currency Debt: A Broken Business Model There is a highly significant and dangerous phenomenon unfolding in India today that requires immediate exposure. For years, a specific class of Indian corporates adopted a regular strategy of borrowing heavily in hard currency (External Commercial Borrowings, or ECBs). Lured by low nominal global interest rates, several of these companies over borrowed, treating cheap dollar debt as a permanent structural advantage.Today, that strategy has become a trap. The compounding effect of a depreciating rupee, skyrocketing hedging costs, and brutal refinancing realities is fundamentally breaking their business models.Consider the mechanics of this crisis:The Hedging Penalty: Leaving dollar debt unhedged is now corporate roulette. However, buying hedges at current rupee levels has become structurally prohibitive. The cost of protection completely wipes out any interest rate advantage.The Refinancing Wall: Billions in foreign debt are coming due. These over-borrowed companies must now refinance their liabilities at a time when the rupee value has materially deteriorated. They are effectively forced to borrow far more rupees just to pay back the same amount of original dollars.The Crushing Cost of Rupee Capital: As these companies try to pivot back to domestic lenders, they face a severe escalation in their rupee cost of capital.The Growth Verdict: When your cost of capital spikes and your cash flows are consumed by servicing legacy dollar debt, future growth stops. Capital expenditure (CapEx) plans are being frozen. These companies can no longer invest in innovation, capacity, or market expansion. Their business model shifts overnight from aggressive value creation to basic survival. Boards must realize that this is not a temporary treasury headache; it is a structural threat to the company’s future viability.India's forex reserves stand at approximately 10 to 11 months of import cover. Substantial, but being actively deployed to defend the currency. Some imports are non-negotiable: oil, critical inputs, components. These will now cost more. That cost passes through every supply chain.Six Actions for Business Leaders1. Protect your cash and liquidity first. This is the most immediate priority. Map your cash position today. Identify every source of liquidity across the next twelve months. Stress-test it at Rs. 100 and beyond. Which receivables are at risk? Which credit lines are rupee-denominated and which are not? Companies that run into a cash crisis during a currency depreciation cycle lose their options entirely. The CFO must own this analysis and present it to the board within days, not weeks.2. Act now on your foreign currency borrowings, hedging, and refinancing. Do not assume the rupee will recover to Rs. 80. Analyse your full foreign currency exposure across the next three years: every loan, every refinancing date, every hedging contract, every procurement price denominated in foreign currency. Hard currency loans now face refinancing at rupee values that have materially deteriorated. Model every scenario at Rs. 100 and beyond. Your CFO, treasury, and procurement team must be aligned on one instruction: do not run into a liquidity crisis. This analysis must happen now, not at the next quarterly review.3. Build a war room. Most companies have begun thinking about war rooms for supply chain disruptions. Expand the mandate. Currency exposure belongs in the same room. Which of your costs are dollar or euro denominated? Which of your revenues are rupee denominated? Where is the mismatch? What is your break-even exchange rate? If you do not have clear answers today, you are exposed. The war room is not a committee. It is a real-time decision environment with live data, a clear owner, and the authority to act.4. Use the currency depreciation advantage: double your export salesforce. A weaker rupee makes Indian exports more competitive. This window will not stay open indefinitely. Double the salesforce in your export markets now. Use this period to upgrade quality, improve service delivery, and build customer relationships that will last beyond the currency advantage. Indian exporters who invest in capability during this period will emerge stronger regardless of what the rupee does next. Those who simply ride the price advantage without building the underlying business will lose when conditions change.5. Watch your stock and your sector. Banks and financial institutions should already be on high alert. Companies with large foreign currency exposure will see pressure on their financials. Some stock prices are already reflecting this. Go through your sector company by company. Identify who is most exposed. If you are an investor or a lender, this analysis is not optional. The combination of currency depreciation, rising oil prices, and FPI outflows creates a compounding pressure that will surface in earnings before it surfaces in headlines.6. Cut costs aggressively. AI will help. There has never been more urgency to reduce costs than now. And there has never been a better tool to do it. AI can cut most operational costs by as much as 30% across functions: procurement, finance, customer service, logistics, and compliance. McKinsey data confirms companies adopting AI and automation reduce operational costs by 20 to 30 percent. This is not a future opportunity. It is a present imperative. Every rupee of cost removed through AI is a rupee that does not need to be recovered through revenue in a deteriorating currency environment. Start now with your highest-cost functions.The CFO as CaptainCurrency risk is a cash flow risk. Every function that touches foreign currency—procurement, treasury, sales, capex planning— must now report into a single coordinating authority. That authority is the CFO. This is not about hierarchy. It is about clarity. In a currency crisis, fragmented decision-making is as dangerous as wrong decision making. One captain. One consolidated view. Weekly reviews minimum.The Bigger PictureThis currency depreciation is a structural signal, not a cyclical one. India's economy must move from a cheap labour advantage to genuine global value creation.The companies that will survive and thrive are those building products and services that command premium prices in global markets. The rupee's weakness is a reminder that competing on cost alone has limits.The recently concluded trade agreements are a genuine opportunity. Execute them with full force. Build the export pipelines. Add the sales capacity.The businesses that move now, with discipline and clarity, will manage market psychology, navigate the debt trap, and define the next chapter of Indian industry.The shock is coming. Prepare before it arrives.Ram Charan is the author of China’s 90% model. It is restricting India’s industrial progress. Former Director of Hindalco and Muyuan (China).
The shares of Vodafone Idea sharply surged nearly 7% to a new 52-week high of Rs 15.09 apiece on the NSE on Wednesday, even as the Sensex and Nifty crashed, as multiple tailwinds boosted investor sentiment for the telecom major.The stock has rallied 46% in one month and a whopping 121% in one year. The company currently has a market capitalisation of more than Rs 1.62 lakh crore.ICRA upgrades Vodafone Idea’s rating, revises outlookRatings agency ICRA upgraded Vodafone Idea’s rating to A- from its earlier BBB rating and revised its outlook on the company’s long-term fund-based loans worth Rs 727 crore to ‘Stable’ from ‘Positive’. ICRA said that the rating upgrade was driven by a change in rating approach for Vodafone Idea to factor in support from promoter Aditya Birla Group, which was further strengthened with the re‑appointment of Kumar Mangalam Birla as the Chairman of the board and with the proposed equity infusion of approximately Rs 4,730 crore through a preferential allotment of warrants to a promoter group entity in May 2026. “These developments reflect strong confidence in Vi’s potential and long-term growth trajectory. The Aditya Birla Group has expressed its continued support to Vodafone Idea to ensure timely debt servicing and to ensure continuity of operations and improvement in its market position. The Aditya Birla Group has been consistent in providing operational and financial support to Vi and will continue to do so going forward. Further, the Group’s brand equity and market position provided Vi with assistance in Government engagement and higher financial flexibility,” it added.ICRA also highlighted the revision of Vodafone Idea’s adjusted gross revenue (AGR) dues. In May, the Department of Telecommunications (DoT) cut Vodafone Idea's AGR dues by 27% to Rs 64,046 crore as of December 31. This revision significantly alleviates the company’s liability burden and enhances cash flow visibility, the ratings agency said, adding that these will provide a push to the telco’s capex plans.Citi removes ‘High Risk’ rating on Vodafone Idea sharesCiti removed its 'High Risk' rating on the stock and raised its target price to Rs 17, implying an upside potential of more than 20% from the previous closing price. In its latest note, Citi Research changed its rating on Vodafone Idea shares to ‘Buy’ from ‘Buy-High Risk’, citing several tailwinds, including the government’s recent reassessment of AGR dues, rating upgrades, equity infusion by the Aditya Birla Group, and other factors into consideration.The brokerage, however, flagged key risks to its bullish view, including delays in bank funding, intensifying competition that could limit future tariff hikes, continued subscriber churn, and slower-than-expected growth in 4G and 5G users.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The shares of Vedanta and Hindustan Zinc declined 1% each on Wednesday after the former confirmed in an exchange filing 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.In another exchange filing released on Tuesday, Vedanta said that the proceedings are underway. “We wish to reiterate that the Company is and will continue to comply with SEBI Listing Regulations and keep the stock exchange(s) duly informed of all material information / events, including price sensitive information(s), in accordance with the applicable provisions,” it added.Also Read | Vedanta says ED officials visited some of its offices, Hindustan Zinc unitsThe Economic Times reported on Tuesday, citing officials, that ED conducted searches at premises linked to the Vedanta Group in Delhi and Mumbai as part of a Foreign Exchange Management Act (FEMA) investigation.In a quote to ET Bureau, Vedanta spokesperson said, "We are extending full cooperation to the authorities and are providing all information sought. The company remains committed to compliance with all applicable laws and regulations. As the matter is currently under regulatory process, we are unable to comment further at this stage."Also Read | ED searches against Vedanta Group in FEMA caseICRA's ratings upgradeLast week, ratings agency ICRA removed the company from watch with developing implications after greater clarity on the allocation of assets and liabilities under the ongoing demerger scheme.ICRA upgraded Vedanta’s long-term rating to AA+ (Stable), assigned a stable outlook and reaffirmed the short-term rating. "The rating action factors in ICRA’s expectation of a further strengthening in the credit profile of the Vedanta Group in FY2027, building on the considerable improvement witnessed in FY2026. This has been supported by a sharp increase in base metal prices, which has contributed to a strong financial risk profile for the Group, which reported an OPBDITA of $6.7 billion in FY26,” the ratings agency said.Also Read | Vedanta shares jump 2% to hit fresh 52-week high. What’s behind the surge?Vedanta share priceVedanta shares have tumbled 6% in one week but gained around 23% in one month. The stock recently adjusted to its mega demerger. Vedanta in April had announced that every eligible shareholder would receive one share each of Vedanta Aluminium Metal (VAML), Talwandi Sabo Power (to be renamed Vedanta Power), Malco Energy (to be renamed Vedanta Oil and Gas) and Vedanta Iron and Steel for every share held in the parent company, marking one of the biggest corporate restructurings in India’s metals and mining sector. Investors are now awaiting the listing of the four new companies that spun out of the mining conglomerate.Also Read | Vedanta demerger: At what price will each of the four new companies list? Check cost of acquisitionHindustan Zinc share priceHindustan Zinc shares have fallen around 4% in one week but gained 5% in one month and more than 2% so far in 2026. The stock is up over 33% in one year. In the longer term, the shares of the company delivered 104% returns over three years and 93% returns over five years.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Mumbai: Domestic IT stocks extended rally for the third straight session on Tuesday, driving the Nifty IT index to its biggest single-day gain in a year. Analysts said the index's chart structure remains constructive, signalling continued positive momentum in the near term.The Nifty IT index ended 4.2% higher at 31,116.6 on Tuesday, its highest gains since May 2025. The index is up 7.6% in the past three sessions, against Nifty 50's fall of 1.8%. TCS was the top gainer on Tuesday, up 6.7%, followed by Infosys, HCL Technologies and LTM, which were up 4-6% each."Indian IT stocks continue to extend gains, supported by improving global software sentiment and growing evidence that enterprise AI adoption is expanding technology spending opportunities rather than disrupting incumbent service providers," said Kunal Bajaj, research analyst at Choice Institutional Equities.Bajaj said other factors like rupee depreciation, strong orderbook and improving outlook for discretionary tech spending, are supporting the current rally in IT stocks.131473558IT stocks look strong on technical charts too. "The Nifty IT index has formed a bullish hammer pattern on the monthly chart, signalling a trend reversal," said Ruchit Jain, vice-president, Motilal Oswal Financial Services. "Within the sector, recent moves suggest a mix of short covering in stocks such as TCS and HCL Tech, along with fresh long build-up in Infosys and Coforge over the past three sessions." Despite the recent rebound, domestic IT stocks have underperformed the broader market in 2026, with the Nifty IT index declining 17.9% so far this year against a 10.1% fall in Nifty 50.Jain expects the IT benchmark's up move to extend towards 32,000-32,100, near its April highs. According to Bajaj, tier-2 IT firms have historically gained market share during tech transitions due to their agility. "With valuation premiums cooling, we see better relative risk-reward in Coforge, Persistent Systems and Happiest Minds. Among the tier-one companies, we like Infosys and Tech Mahindra," he said.
New Delhi: Beverages major PepsiCo on Tuesday announced the launch of its premium energy drinks brand 'Adrenaline Rush' in the Indian market, strengthening its presence in the category, which has seen strong growth in recent years.Pepsico, a leading player in the energy drinks with its brand Sting, now enters the mass-premium segment with 'Adrenaline Rush', creating a portfolio that spans from Rs 20 to Rs 60 price points. Adrenaline Rush is priced at Rs 60, while Sting costs Rs 20."With two variants under Sting and two variants under its premium offering, PepsiCo is broadening consumer choice while addressing a wider range of taste preferences and consumption occasions," the company said in a statement.With its two brands -- Sting and Adrenaline Rush -- PepsiCo's energy drinks portfolio will cater to a broad spectrum of consumers, seeking value propositions to those looking for a more premium, performance-led experience.Also Read: PepsiCo new packaging to carry 'No Artificial Flavours or Colours' labelCommenting on the development, PepsiCo India and South Asia, Vice President and General Manager -- Beverages, Nitin Bhandari said, "The energy drinks category in India continues to see strong growth, and we believe there is significant headroom for further expansion as consumers increasingly seek products that cater to different occasions, functional needs and aspirations."With Adrenaline Rush, PepsiCo is strengthening its energy drinks portfolio with a globally aspirational brand tailored for Gen-Z consumers, offering two differentiated variants -- Passion Rush and Classic Rush -- in a sleek premium can format to cater to the evolving preferences of today's youth.For Adrenaline Rush, PepsiCo has launched a high-energy campaign film centred on the proposition "A-Rush, A-Game On," adopting a digital-first and culture-forward approach.Also Read: PepsiCo to invest Rs 5,700 crore in India by 2030This is aimed at resonating with Gen-Z consumers through creator-led storytelling, internet culture, and social media conversations.As per a Mordor Intelligence report, the India energy drinks market size is valued at USD 0.82 billion in 2026 and is growing at a CAGR of roughly 2-6 per cent, helped by factors such as rising disposable incomes, rapid urbanisation, and an increasing need for quick-energy solutions among young working professionals.
It’s easy to understand why so many graduates are booing commencement speakers who tell them how great AI is. They face a brutal job market, with unemployment for recent college graduates nearing recession levels, and AI is often cited as the reason they can’t find jobs or have to drastically reassess their career plans.I have a message for the class of 2026: AI is not ruining your job prospects, at least not yet. A better explanation for the tough job market may be the prevalence of WFH, not the rise of AI.131463654Two new studies, one from the Federal Reserve Bank of New York and one from the London School of Economics, look at the recent rise in unemployment among young workers. The authors of the LSE study looked at 243 million new hires and 407 million online job postings from 2017 to 2025 in the US, UK, Australia and Canada. They observed a notable decline since 2022 in the hiring of new graduates. AI was presumed to be the reason, since the falloff tends to be in the sort of industries that are adopting AI.But these are also the same kinds of jobs — reliant on computers, knowledge-intensive, white-collar — that are most amenable to working from home. When they controlled for WFH, the authors found that the impact of AI on hiring was negligible.The study postulates that where WFH is more common, managing junior staff is more expensive. At the same time, young staffers who receive less training may be less productive than they would be otherwise, even as they mature and demand more pay. So the cost of WFH to young graduates is not just a harder job market — it also makes it harder for young employees to get good training, supervision and mentorship, a point also made by the New York Fed study.WFH has always had a superficial appeal. At first, it seems easier and often cheaper for both employers and employees; companies can pay less if they offer more flexibility, and many staffers have commitments that keep them at home. In the long term, however, both management and workers pay a price in terms of lost training and career development of younger employees.This could get even worse as AI is more widely adopted. New hires recently out of college who work on their own may figure out how to do specific tasks (perhaps with AI assistance), but they won’t learn much about how to manage office politics, charm clients or build networks. All these skills will be even more valuable in an AI job market, and none can be gained without coming into the office and observing senior colleagues.The new research doesn’t argue that AI will have no impact on hiring in the future, or that it is currently affecting hiring decisions. It’s also worth noting that many firms are still hiring — just not as much as before. There are a lot of factors that go into the health of the labor market, and if the economy worsens, the combination of AI and WFH could make it even harder for young graduates.What does seem clear is that AI is becoming a convenient villain for a lot of complaints people have about the economy. Tech executives aren’t helping by regularly declaring that AI can replace a lot of jobs. More likely, they are using AI as an excuse when they are letting people go for financial reasons. In the case of WFH, it may be easier to blame AI than to ask reluctant staff to come into the office.I’ve seen this reluctance firsthand: A few years ago I met middle-aged media executive who told me how much she loved working from home (or, often in her case, from a resort in Mexico). When I asked her about junior staffers missing out on mentoring and on-the-job training, she admitted she never would have succeeded if senior people weren’t in the office when she was coming up. But she didn’t seem too bothered by it, either.I’ve never been asked to give a commencement speech, but if for some reason I were, this would be my advice: Find a company where everyone likes going to work. Then try to get a job there — and if you do, go into the office every day.
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.
While the midcap index flirts with new peaks, strong corporate earnings have helped cool down previously stretched valuations. Nippon India's Rupesh Patel analyses the resilient Q4 FY26 earnings season, breaking down how a bottom-up investing strategy can help investors uncover reasonable entry points despite building geopolitical and macroeconomic headwinds.Edited excerpts from a chat with Rupesh Patel, Senior Fund Manager - Equity Investments, Nippon India Mutual Fund:Your Nippon India Growth Mid Cap Fund delivered a strong 22% over the last 5 years, beating the benchmark. But given your Growth at Reasonable Price (GARP) philosophy, where are you actually finding "reasonable" valuations in a midcap market that many currently see as overheated?On an aggregate basis, the NSE Midcap 150 index has remained almost flat since September 2024. However, during this period, earnings have grown at a reasonable rate. In fact, midcap as a category has been the most resilient and delivered higher growth compared to other segments of the market. As a result, valuations today, though they appear higher compared to long-term averages, have corrected as compared to where we were in September 2024.Coming to Nippon India Growth Fund, we follow a bottom-up approach to construct the portfolio and buy stocks based on their relative attractiveness on risk-reward equation. Some of the businesses in the category may appear expensive in the near term; however, the size of the opportunity and their ability to maintain earnings growth at a reasonable rate over the long term make them attractive from a medium to longer-term perspective. You are overweight financials and underweight technology in the midcap fund. What's the rationale? How do you think midcap lenders and midcap IT companies are placed at this stage?Our OW stance on financials is on account of our exposure to lenders as well as other beneficiaries of financialization of savings like Life Insurance companies, asset management companies, Exchanges, etc. On the lending side, most of our exposure is to well-capitalised lenders where asset quality is largely expected to hold, Return on Assets/ Return on Equity remains healthy, and valuations are reasonable in the context of the overall market.In IT companies, we have been underweight since the last few quarters, largely owing to the risk of a slowdown in earnings growth on account of current geopolitical uncertainties and the impact of disruptions like AI. Valuations were also a concern till a few quarters back. Going ahead, as the dust settles and some of these companies evolve and adapt to new realities, growth will recover from current lows. Companies in this sector are generally capital efficient and generate free cash flow, making them attractive bets again as valuations turn favourable.Within the midcap space, how do you read the Q4 earnings season? What are your biggest takeaways for investors?Q4 earnings season for midcaps has turned out to be quite resilient, and most companies are delivering on expectations. However, going ahead, risks related to deterioration in the macro environment, cost inflation, and logistics remain relevant. If current geopolitical uncertainties continue, we must be cognizant of these risks and their impact on earnings and valuations. Given the growth trajectory, valuations and earnings, midcap companies are in a sweet spot. Would you agree?If we look at the last few quarters, midcap companies’ earnings have remained resilient. Most of them have delivered healthy earnings growth even in Q4, FY’26. However, aggregate returns of midcap companies as represented by the NSE Midcap 150 index have remained flat since September 2024, resulting in a valuation correction over this period. Further, midcap is a very diverse category with a universe representing multiple sectors and some unique and fast-growing profit pools that have the potential to grow meaningfully over the medium to long term; hence, on a bottom-up basis as well, opportunities exist in this segment of the market. How have you been reshuffling your portfolio to realign it with the realities of war?As mentioned earlier, we remain cognizant of risks arising on account of deteriorating macro conditions, inflation in costs and logistical challenges, if current geopolitical uncertainties persist. We also remain aware of the potential impact of these risks not only on earnings growth but also on market valuations. In some instances, current stock prices may already be reflecting risks of these uncertainties, making the risk-reward favourable. Hence, our approach is to remain aware of valuations and avoid vulnerable businesses.From a 3-5 year perspective, which sectors do you think are best placed at this stage - both from a growth as well as a valuation perspective?We remain positive on Financials, Consumer Discretionary, and select industrials.Within financials, we are positive on lenders as well as companies that benefit from a bigger trend on the financialization of savings. Accordingly, we have exposure to companies in the insurance space, Asset Management Companies, Exchanges and other financial services companies. On lenders, asset quality remains benign, they are well capitalised, generate decent Return on Assets (RoA) and Return on Equity (RoE) and valuations are reasonable.Consumer discretionary companies are likely to benefit from favourable demographics, growth in per capita incomes and trends on premiumization playing out in multiple categories over the medium to long term.On the industrial front, the reason to be positive is on account of various initiatives taken by the government to encourage manufacturing in India. Select companies in Auto ancillaries, Electronics manufacturing, precision engineering and defence-related segments can also do well. However, these are broad sectors, and winners will have to be picked on a bottom-up basis, considering factors like their manufacturing prowess, management strength and cost competitiveness.The midcap index has already hit a new peak this month, ahead of both small and largecaps. What's the reason behind this optimism, and do you see valuation risk building?Although the midcap index is close to an all-time high, its last 20 months' returns have been flat despite midcap companies as an aggregate delivering superior growth. In that sense, valuations today have turned favourable on account of this time correction. Even if we look at the last 3 years' earnings on a CAGR basis, midcap as a category has reported superior earnings growth as compared to broader markets. Going ahead as well, the outlook on midcap companies’ earnings growth continues to remain healthier. In that sense, the performance of the midcap index is largely a reflection of underlying earnings growth. (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times.)
India's primary market is set for an active week in the mainboard segment, with two public issues scheduled to open for subscription even as investor sentiment remains selective amid volatile equity markets and heightened global uncertainty. The spotlight will be on the IPOs of CMR Green Technologies and Hexagon Nutrition, which together aim to raise nearly Rs 770 crore.The offerings come at a time when the IPO market has seen a lull for a few weeks in a tepid 2026. While several companies have secured regulatory approvals in recent weeks, many have put off their IPO plans due to market volatility.The first issue to hit the market next week will be CMR Green Technologies. The company's IPO will open on June 3 and close on June 5. The issue is priced in the range of Rs 182-192 per share and aims to raise Rs 630.9 crore. Equirus Capital is managing the offering.CMR Green Technologies operates in the metal recycling and circular economy segment, manufacturing recycled aluminium and zinc products for automotive and industrial applications. The company counts several leading automotive manufacturers among its customers and is positioned to benefit from increasing adoption of recycled metals and sustainability-focused manufacturing practices.The company is expected to attract investor interest given the growing focus on resource efficiency, electric vehicles and environmental regulations that are encouraging the use of recycled materials.The second mainboard issue scheduled for next week is Hexagon Nutrition.The IPO will open on June 5 and close on June 9. The company has fixed a price band of Rs 42-45 per share and plans to raise Rs 138.9 crore through an offer for sale of 3.09 crore shares. Since the issue is entirely an OFS, the company will not receive any proceeds from the public offering.Hexagon Nutrition is a research-driven nutrition company engaged in manufacturing micronutrient premixes, wellness and clinical nutrition products, therapeutic formulations and ready-to-use nutritional foods.Founded in 1993, the company operates manufacturing facilities in Maharashtra, Tamil Nadu and Uzbekistan and exports products to more than 75 countries. Its products are sold through both business-to-consumer and business-to-business channels and include brands such as Pentasure, Obesigo, Pediagold and Nutrone.The company has reported steady financial growth in recent years. Profit after tax rose to Rs 24.4 crore in FY25 from Rs 12.2 crore in FY24 and Rs 5.8 crore in FY23, while total income increased to Rs 331 crore.At the upper end of the price band, Hexagon Nutrition is valued at around 15 times post-issue earnings.Market participants will closely watch subscription trends in both issues as they could provide a signal on investor appetite for new listings after months of fluctuating market sentiment.The broader market environment remains mixed. Indian equities have faced pressure this year from elevated crude oil prices, geopolitical tensions in West Asia and foreign institutional investor outflows. However, strong domestic liquidity and continued retail participation have helped support primary market activity.SME segmentApart from the mainboard issues, the SME segment is also expected to remain active next week.Genxai Analytics plans to raise about Rs 55 crore through its NSE SME IPO, which opens on June 5 and closes on June 9. The issue is priced at Rs 110-116 per share. Vahh Chemicals will launch a fixed-price SME issue worth Rs 13.5 crore between June 4 and June 8 on the BSE SME platform.Merritronix will also tap the SME market with a Rs 70 crore issue opening on June 1 and closing on June 3.While SME offerings continue to attract investor interest, listing performance has remained mixed in recent months, making subscription quality and valuation discipline increasingly important factors for investors.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
NEW YORK: Businesses big and small have started receiving tariff refunds after the U.S. Supreme Court ruled that President Donald Trump lacked the constitutional authority to impose higher import taxes on goods from nearly every other country.The process could grind to a halt, however, after the Trump administration said Friday that it intended to appeal a federal judge's order to allow all companies that paid the invalidated duties to seek refunds, not just the ones that filed lawsuits.Until the Department of Justice informed the judge of its planned appeal, the refund system overseen by U.S. Customs and Border Protection had been working fairly smoothly. Refunds reached the bank accounts of the first successful applicants on May 12, about three weeks after importers and their customs brokers could start submitting claims through an online system, according to CBP.Applications for refunds totaling $85 billion - more than half of the $166 billion the agency estimated the government owes to companies that paid the tariffs on imported goods - were accepted for processing as of May 22, CBP reported in a legal filing earlier in the week. It said it had so far directed the Treasury Department to issue $20.6 billion in refunds.Also read | US probes Reid Hoffman group over funding lawsuits against Trump, source saysThe administration revealed its appeal preparations while objecting to a demand by Judge Richard K. Eaton for CBP Commissioner Rodney Scott to appear in the U.S. Court of International Trade to answer questions about how long it would take to repay all 330,000 importers that might be eligible for refunds. The judge scheduled a June 9 hearing on why he shouldn't require the government do whatever it takes to speed up the process.Justice Department lawyers asked Eaton to allow one or two of Scott's deputies to appear in his place, arguing that as a high-ranking presidential appointee, the CBP chief could not be compelled to testify. They also argued that Eaton exceeded his authority when he determined in March that the Supreme Court's ruling entitled "all importers of record'' to refunds."For that reason, defendants intend to appeal the court's universal injunction," the lawyers wrote, adding that CBP would continue to move "as quicky as it can to process refunds in a phased approach" for businesses that filed legal complaints asserting their rights to refunds.In a written reply, Eaton said he needed to hear directly from Scott whether the government would return all of the money it collected between when Trump put what he called "reciprocal" tariffs on most countries in April 2025 and when the Supreme Court struck them down in late February."It is undisputed that the remedy for this unlawful collection is for the United States government to refund the unlawfully collected duties," the judge wrote.Refunds coming in phasesMore than 1,000 companies, including large ones like Costco, Goodyear Tire, banana and pineapple distributor Dole Fresh Fruit, and department store chain Kohl's, filed lawsuits to recoup their tariff costs. The judge said Wednesday he intended to allow cases he put on hold while CBP figured out how to handle refund claims - they numbered 485 in mid-March - to proceed.Also read | Minority union at Samsung Electronics to challenge pay deal in courtCustoms and Border Protection is handling refund claims in phases, focusing first on payments that weren't finalized before the Supreme Court handed down its 6-3 decision. CBP officials have said those later payments were more straightforward to process.Importers are required to make estimated tariff payments when goods enter the U.S. The declared items then enter a process called "liquidation," in which CBP determines how much in import taxes was owed. The decision becomes final after 180 days unless the payer contests the bill.In Friday's filing, the Justice Department said the agency did not have the technological ability or the legal authority to recalculate liquidated accounts without "importer-specific orders" in each lawsuit.Price cuts promisedSome national retail chains said they planned to use their tariff refunds refunds to lower customer prices on some items. Walmart Chief Financial Officer John David Rainey told analysts last week that the company would implement price cuts even though the maximum refund it might be eligible for represented less than half of 1% of Walmart's $483 billion in annual U.S. sales.Costco intends to return the tariff costs that it passed on to members, CEO Ron Vachris said. How much of its refund the big-box retail chain redistributes, when and in what form, depends on factors such as the size of the refund, when it arrives, and developments in a lawsuit seeking tariff compensation for Costco customers, Vachris told investors Thursday.Consumers could first see refunds from shipping companies such as FedEx, UPS and DHL, which acted as customs brokers when they delivered products ordered from overseas. The companies charged either the sellers that shipped the packages or the buyers who received them and turned the tariffs they collected over to CBP.All three promised to return any refunds they get to the customers that paid the import taxes. Last week, FedEx said it was "working to swiftly process refunds and return them to the shippers and consumers who originally bore those charges."Putting refunds back into the businessThe Supreme Court invalidated only the country-by-country tariff rates Trump set by citing the 1977 International Emergency Economic Powers Act. Others he imposed under different rationales remain in effect. Trump also has moved to introduce new tariffs since the court's Feb. 20 ruling.Some smaller companies told The Associated Press that the tariff refunds they've received so far would go toward paying remaining or future tariffs or getting back on solid financial footing after more than a year of uncertainty and additional costs.Jay Foreman, CEO of toy company Basic Fun, said he received about $450,000, or 7% of his total claim, over two consecutive days. He took the repayment as a positive sign but said that after having less than $10,000 refunded since then, the process seemed like a "total slow roll.""It's time to release the funds back into the economy, especially given how much we and others need these funds to support our businesses and fund our operations," Foreman said.Men's grooming brand Manscaped has received about 30% of the $12 million in refunds it applied for, President Kevin Datoo said. He said the San Diego company deferred investments and took on debt to pay tariffs on imports from Indonesia, China and elsewhere in Asia last year."We need to shore up the balance sheet because there's still a whole second chapter here," Datoo said.Melkon Khosrovian, who owns Greenbar Distillery in Los Angeles, said he applied for a tariff refund of about $90,000 for 17 different shipments and has received $18,000 covering four of them. Certain types of herbs, spices and packaging are hard to find domestically, so Khosrovian said he imports them.The tariffs were "painful," he said. He invested money to automate his bottling process last year so he wouldn't have to pay as many workers. The move allowed him to reduce his 13-person staff by three, but Khosrovian noted that the White House had argued the tariffs would create more U.S. manufacturing jobs."Our choices were bad and worse: raise prices and lose customers, or keep prices the same and not make any money," he said.
The Indian stock market witnessed a sharp selloff on Friday afternoon, with the Sensex and Nifty falling over 1% as passive fund flows linked to the MSCI index reshuffle weighed on sentiment.Sensex dropped over 1,092 points to 74,776 while Nifty 50 crashed nearly 359 points to 23,547. This came as India VIX, which measures volatility in markets, jumped around 8% to 16.18. The sharp losses wiped off nearly Rs 6 lakh crore from the total market capitalisation of all companies listed on BSE, pulling it down to Rs 465 lakh crore.Analyst Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities, interacted with ETMarkets regarding the outlook for the Nifty and Bank Nifty, as well as an index strategy for the upcoming week. The following are the edited excerpts from his chat:Nifty rollover for May expiry came in below both the three-month and six-month averages. Does this suggest traders are turning cautious near higher levels, or is it simply profit-booking after the recent recovery?In the month of May, the benchmark index Nifty traded within a narrow range of 1219 points, marking its smallest monthly range since December 2025. The rollover in the May series also came below the prior month and 3-month average. Notably, a majority of the trading sessions during the month witnessed either an upside or downside gap at the opening, followed by range-bound price action throughout the day. As a result, opportunities for intraday and short-term traders remained limited despite the frequent gap openings. But what made this phase even more unusual was the message hidden within the broader monthly price structure.On the monthly chart, Nifty has formed a bearish candle with shadows on either side, reflecting indecisiveness among market participants amid ongoing geopolitical uncertainties. Zooming into the final week of May, the index continued to trade within a narrow range for most of the week before witnessing a sharp decline during the final hour of Friday's trading session, which tilted the balance in favour of the bears. While the market remained range-bound for most of the week, the late sell-off has raised an important question—was this merely profit booking or the beginning of a larger directional move?From a technical standpoint, Nifty continues to trade below all its key moving averages. More importantly, these moving averages have flattened out, indicating the absence of a strong trend. The daily RSI remains in a sideways zone as per the RSI Range Shift framework, while the daily Stochastic oscillator is also moving within a narrow band. Adding to this, the trend strength indicator, Daily ADX, is placed at near 15 level and continues to decline, suggesting a lack of directional momentum in the index. While these indicators point towards a lack of trend, Friday's late sell-off has injected fresh uncertainty into the market setup.Talking about crucial levels, on the upside, the 20-day EMA zone of 23,750-23,800 is likely to act as an immediate hurdle for the index. On the downside, the zone of 23,300-23,250 remains a crucial support area. A breach below 23,250 could intensify selling pressure and open the doors for a decline towards the psychologically important 23,000 mark. With the index approaching key support levels, the market's next move could set the tone for the coming weeks.Bank Nifty rollover saw a sharper decline and futures data indicates short build-up despite price weakness. Are banking stocks likely to remain drags on the market in the June series?In the month of May, the banking benchmark index Bank Nifty traded within a narrow range of 3,550 points, marking its tightest monthly range since January 2026. On the monthly timeframe, it has formed a High Wave candle, reflecting market indecisiveness.During the past week, the index witnessed a strong upmove in the first half; however, it failed to sustain above the 55,500 level and subsequently underwent a sharp correction. This led to the formation of a bearish candle with a long upper shadow, indicating selling pressure at higher levels.At present, the index is trading below its key moving averages, which are trending downward, suggesting a weak bias. The daily RSI remains in a sideways zone as per the RSI range shift rules, indicating lack of clear momentum.Going ahead, the 53,500–53,400 zone is expected to act as an important support for the index. A breach below 53,400 could trigger further downside, with the next key support placed around 52,700. On the upside, the 50-day EMA zone of 55,300–55,200 is likely to act as a crucial hurdle.FIIs reduced nearly 9,800 index shorts while also adding fresh longs. Do you see this as the beginning of a more constructive stance from foreign investors, or is positioning still defensive overall?There were clear signs of short covering in Index futures between 21st May and 27th May, with FII net Index futures shorts reducing sharply from 2,31,190 contracts to 1,63,012 contracts. This also led to the long-short ratio improving from 11.80% to 16.14%, indicating a relatively constructive shift in positioning. On Friday, massive short positions were built up leading to net index futures short contracts once again rising to 2,01,309 and the long short ratio dipping to 11.98%. Similar phases of short covering in the past were quickly followed by aggressive selling, causing bullish expectations to fade rapidly. This pattern has persisted for quite some time and is likely to continue until there is greater clarity on the US-Iran deal, a meaningful fall in the Dollar Index (DXY), stability in crude oil prices, and depreciation in the dollar against the rupee. Until these external factors stabilize, FII sentiment is likely to remain cautious rather than decisively bullish.What are key levels to watch out for in June series? What triggers could push Nifty decisively beyond in either direction?Talking about crucial levels, on the upside, the 20-day EMA zone of 23,750-23,800 is likely to act as an immediate hurdle for the index. On the downside, the zone of 23,300-23,250 remains a crucial support area. A breach below 23,250 could intensify selling pressure and open the doors for a decline towards the psychologically important 23,000 mark. With the index approaching key support levels, the market's next move could set the tone for the coming weeks.IT continues to trade near 52-week lows with elevated open interest and negative carry. Is the sector still witnessing aggressive short positions, and what would it take for sentiment to improve meaningfully?The Nifty IT Index has rebounded nearly 8% from its 14th May low of 27,078. However, over the last seven sessions, the Index has remained range-bound between 29,747 and 28,678, indicating a lack of strong directional momentum. The RSI remains flat, while a subdued ADX reflects low volatility and absence of trend strength. Additionally, the MACD continues to trade below both the zero line and signal line, highlighting weak underlying momentum. On the Relative Rotation Graph (RRG), the Index has shifted from the lagging to the improving quadrant, suggesting early signs of momentum recovery, though relative strength remains limited. The Index continues to trade below its 50, 100, and 200-day EMAs, keeping the near-term trend weak. The 29,900–30,000 zone remains a crucial resistance area, and a decisive breakout above this level could trigger a stronger pullback rally in the IT pack.Given that the broader market structure remains range-bound with elevated volatility, should traders focus more on stock-specific opportunities rather than aggressive index directional bets in the June series?With the broader market remaining range-bound amid elevated volatility, traders are likely to find better opportunities in stock-specific setups rather than aggressive directional bets on the Index in the June series. The rising ratio line in the Midcap and Smallcap indices relative to Nifty highlights continued outperformance in the broader market space. Despite the strong bearish candle on 29th May, the overall market structure remains bullish, with no concrete signs of a major reversal yet. Currently, strength is visible in sectors such as private banks, PSU banks, financial services, and select midcap IT names. Meanwhile, the Index continues to react sharply to geopolitical developments, leading to frequent gap-ups and gap-downs that reduce trading clarity. In such an environment, strong price-action structures backed by robust technicals in trending sectors are likely to outperform across market conditions.What stocks are you looking out for?For the short term, Tamilnad Mercantile Bank, Nuvama Wealth Management, RR Kabel, Syrma SGS Technology, Krishna Institute of Medical Sciences (KIMS), and Minda Corporation are looking attractive based on their current market setup.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
It was a strong week for global markets as oil prices tumbled to their lowest levels in seven weeks, easing concerns over energy-driven inflation after reports suggested the United States, Israel and Iran were nearing a much-awaited peace deal agreement. Oil prices this weekBrent crude tumbled about 11% during the week, marking its steepest weekly decline in seven weeks, while U.S. West Texas Intermediate (WTI) fell more than 9%, its biggest weekly drop in six weeks. Both benchmarks touched their lowest levels since mid-April. On Friday, Brent crude futures for July, which expired on Friday, settled at $92.05 a barrel, down $1.66 or 1.8%. WTI crude futures closed at $87.36 a barrel, a decline of $1.54 or 1.7%.The three-month conflict involving the U.S. and Iran has repeatedly seen expectations of a potential resolution that could lead to the reopening of the Strait of Hormuz, a key shipping route through which roughly one-fifth of the world's oil and gas supplies pass. While both sides indicated that an agreement may be near, their descriptions of the proposed deal continued to differ.U.S. President Donald Trump once again urged Iran to immediately reopen the strait. The closure of the vital waterway has pushed energy prices higher across global markets. This week, trading has remained highly volatile, with both Brent and WTI swinging by as much as $6 on changing signals surrounding the possibility of the strait reopening.Geopolitical tensions escalated on Thursday after fresh U.S. strikes targeted an Iranian military facility overnight, despite ongoing diplomatic engagement between Washington and Tehran.Iran's Revolutionary Guards later claimed responsibility for a strike on a U.S. airbase, according to the semi-official Tasnim news agency. The location of the base was not disclosed.Where is oil headed?Market analysts noted that even if a ceasefire is agreed upon, restoring normal shipping activity through the Strait of Hormuz could take several months. Any damaged energy infrastructure may require an even longer period to return to full operation.Earlier this month, Saudi Aramco Chief Executive Officer Amin Nasser warned that disruptions in the Strait of Hormuz could postpone stability in global oil markets until 2027. He said nearly 100 million barrels of oil supply per week could be affected by continued disruptions. Saudi Aramco is the world's largest oil producer.Morgan Stanley described the oil market as being in "a race against time," saying the factors that have so far prevented a more pronounced rise in crude prices could begin to fade if the Strait of Hormuz remains closed through June.According to the brokerage, higher U.S. crude exports and softer demand from China have helped absorb part of the supply shock. However, it cautioned that an extended shutdown of the strait could tighten global oil supplies again if disruptions persist beyond the levels that the U.S. and China can comfortably offset.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Kolkata: Gold demand in India slipped about 70% since the government more than doubled import duty from earlier this month, adding to already tepid consumer sentiment amid higher fuel and food prices due to the Iran war.Demand fell to about 7.5 tonnes in the fortnight ended May 27 from around 25 tonnes a year earlier, according to industry estimates. The government increased the import duty on gold to 15% from 6% with effect from May 13."Reports trickling in from jewellers across India shows that there has been a 70% drop in demand after the import duty was hiked," said Surendra Mehta, national secretary of India Bullion & Jewellers Association (IBJA). "The unorganised trade, which comprises 65% of the gold trade, has been worst hit due to the duty hike."Also Read: India's gold import problem may already have a solution at homeJoy Alukkas, chairman of gold jewellery retail chain Joyalukkas, attributed the demand weakness to several factors. "It is not only the high import duty that has dented the demand," he said. "The Prime Minister's appeal to stay away from gold for a year has also impacted consumer sentiment in a big way. At Joyalukkas, we are seeing demand dropping by more than 35%. We are not sure whether it will slip further." 131398034Mehta at IBJA said apart from the gold import duty hike, higher petrol and diesel prices and food items are also weighing on consumer sentiment "as they are not willing to spend on gold now".The effective tax burden on gold, including goods and services tax (GST), has risen to 18.45% from 9.18% after the duty increase. The government raised duties against the backdrop of a weak rupee, elevated crude prices, and geopolitical tensions, while also tightening import rules and capping duty-free imports under the Advance Authorisation Scheme."At present, gold is not in the priority list of consumers," said Mehta. "Moreover, it is now the period of Adhik Maas, when Hindus generally avoid buying anything precious. What is more surprising is that the investment demand for gold has slowed down."Also Read: Kriti Sanon joins GIVA as investor and brand ambassadorThe slump may weigh on investment demand in the second quarter of 2026 after a strong start to the year, said jewellers.Gold Exchange Schemes Take OffIndia's bar and coin demand rose 34% from a year ago to 62.3 tonnes in the March quarter.India consumes about 800-850 tonnes of gold annually. On Friday, gold of 999 purity traded at about ₹1.57 lakh per 10 grams, excluding GST, in Mumbai's spot market.Volumes are weak in south India, traditionally one of the country's biggest gold-consuming markets. Some consumers are also shifting towards lighter and lower-carat jewellery while sales of old gold have risen sharply, according to jewellers. "Consumers are not stretching their budgets," said B Govindan, chairman of Bhima Jewellery. "They are buying whatever fits their budget and therefore choosing lightweight and lower-carat jewellery. On the contrary, there is a huge rush among consumers to sell old gold and take cash back home."Industry executives noted the varied impact of the import duty increase across segments, with many retailers indicating a pause in procurement. "Large chain stores saw a brief period of panic buying after the announcement, driven by expectations of further measures, and while they expect a slowdown in sales, they remain relatively resilient given inventory buffers and continued support from bridal demand," said Kavita Chacko, research head at the World Gold Council (WGC).Mid-sized and regional jewellers are continuing to see demand from affluent customers but are expected to rely more on gold exchange programmes and tighter inventory cycles going forward, she said. "Smaller retailers appear the most vulnerable: already stretched by persistently high prices, they now face added pressure from sales volumes and profit margins," said Chacko.
Shares of Netweb Technologies surged over 15% on Friday to hit their fresh 52-week high of Rs 4,680 on the NSE amid high volumes. The stock extended its gaining streak for the third session in a row, rising 21% in this period.The rally comes on the back of a ratings upgrade by CRISIL Ratings Limited. The company's Long-term rating has been upgraded to 'Crisil A+ / Stable'; while short-term rating reaffirmed to Crisil A1. Netweb offers computing solutions with fully integrated design and manufacturing capabilities. Its HCS offering comprises HPC, Private cloud and (HCI), AI systems and enterprise workstations, High performance storage (HPS) and Data Centre ServersCrisil Ratings believes NTIL will continue to benefit from the extensive experience of its promoters and established relationships with clients.The rating agency has also listed a slew of factors that will likely aid its growth. Among them are sustained revenue growth to over Rs 4,000 crore, with diversification across the end users earning steady operating margin at 13-14%, leading to higher-than-expected net cash accruals. Efficient working capital management leading to moderate dependence on debt and sustenance of healthy financial risk profile and liquidity will be another trigger according to CRISIL.It has also highlighted caveats that include the likelihood of decline in revenue below Rs 2,000 crores or fall in operating margin to below 11%, could lead to lower-than-expected net cash accrual. Meanwhile large, debt-funded capex or substantial increase in the working capital requirement, thus weakening the financial risk profile and liquidity.CRISIL shares have been market laggards, falling over 8% in 2026 while extending its decline to 24% over the past 12 months.Netweb Technologies reported Q4FY26 revenue from operations at Rs 774 crore, growing 87% year-on-year. Its operating EBITDA for Q4FY26 stood at Rs 97 crore while the adjusted operating EBITDA for Q4FY26 was Rs 102 crore, up 72% YoY, with a margin of 13.2%.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)