Did you miss gold, equity and housing booms this year? What that means for your portfolio
Markets drifted lower midweek, weighed down by shaky global sentiment and fresh currency pressures. Japan’s stimulus-driven yen slide only amplified concerns of broader volatility. Alok Jain explains what’s driving the weakness — and why investors keep missing major rallies.
- Nov 26, 2025,
- Updated Nov 26, 2025 3:47 PM IST
Indian markets remained subdued on Wednesday, with major indices slipping amid weak global cues, currency concerns and rising uncertainty around stimulus measures in Japan. In his latest Weekend Investing Daily Bite, Alok Jain, Founder of Weekend Investing, offered a detailed breakdown of market trends, sector movements and why many investors continue to miss major rallies across asset classes such as gold, equities and real estate.
Jain noted that markets were stuck in a narrow range throughout the day as overseas sentiment remained fragile. Japan’s fresh stimulus programme has weakened the yen, raising concerns about global currency volatility. “There is also no clarity on the US–India tariff treaty, and the RBI letting the rupee crack on Friday added to the uncertainty,” he said. With monthly expiry due on Thursday, traders expect short-term volatility to return.
The Nifty fell 0.42%, breaking a two-day low and aborting its recent attempt to retest all-time highs. The broader market was weaker, with Nifty Junior slipping 0.98%, midcaps down 0.32% and smallcaps down 0.65%, even breaching their September lows. “While the Nifty is near record highs, the rest of the market is in distress,” Jain observed. Banking stocks were relatively resilient, with Nifty Bank flat at –0.05%.
Commodities mirrored this sluggish trend. Gold was nearly flat at –0.21%, while silver edged up just 0.16%. Market breadth also deteriorated sharply, with advances declining steadily through the day. By the close, only 141 stocks advanced versus 359 that declined.
The Nifty heatmap showed widespread weakness across sectors—Mahindra & Mahindra, ITC, Reliance Industries, TCS, Bajaj Finance, Axis Bank, JSW Steel and Tata Steel were among the notable laggards. In the Nifty Next 50 basket, almost all stocks closed in the red, with Adani Group companies, HAL, CG Power, BPCL and IRFC under pressure. Orient Electric was the day’s biggest casualty, plunging 9% after breaking key technical levels.
The only sector showing consistent strength was IT, which gained 0.44%. All other major sectors fell, with defence stocks correcting 2.5%, real estate down 2%, PSE and CPSE indices slipping over 1.3%, and metals and commodities declining nearly 1%.
Looking at global cues, US markets had posted a strong previous session, with the S&P 500, Dow Jones and Nasdaq all gaining around 1%, and the Russell 2000 rising 2.7%. Stocks such as Target, Accenture, PayPal and UPS contributed to the gains.
Jain also addressed a trend he calls “late chasing,” where investors enter sectors only after 70–80% of the rally is complete. He pointed out that many Indians missed the equity boom of 2020–2021 due to Covid fears, the real estate surge of 2021–2024, and the ongoing precious metals rally since 2024. “Unless you follow proper asset allocation, you will always miss the trend,” he said.
He emphasised the importance of diversified, rules-based investing rather than emotional swings between assets. Switching abruptly from equities to gold or vice versa is impractical, he warned, arguing instead for dynamic allocation systems that adjust exposure as trends change.
Jain also flagged rising risks from Japan’s aggressive stimulus programmes. A weakening yen could force Japanese yields higher, potentially triggering an unwind of global carry trades—an event that could shake equity markets worldwide. “There is no free lunch,” he said, warning that today’s stimulus-driven spending would eventually be paid for by future taxpayers.
Jain concluded that investors must stay informed and avoid emotional reactions to market narratives. “These cycles will keep coming. Participate systematically—don’t chase, don’t panic, and don’t try to time the market.”
Indian markets remained subdued on Wednesday, with major indices slipping amid weak global cues, currency concerns and rising uncertainty around stimulus measures in Japan. In his latest Weekend Investing Daily Bite, Alok Jain, Founder of Weekend Investing, offered a detailed breakdown of market trends, sector movements and why many investors continue to miss major rallies across asset classes such as gold, equities and real estate.
Jain noted that markets were stuck in a narrow range throughout the day as overseas sentiment remained fragile. Japan’s fresh stimulus programme has weakened the yen, raising concerns about global currency volatility. “There is also no clarity on the US–India tariff treaty, and the RBI letting the rupee crack on Friday added to the uncertainty,” he said. With monthly expiry due on Thursday, traders expect short-term volatility to return.
The Nifty fell 0.42%, breaking a two-day low and aborting its recent attempt to retest all-time highs. The broader market was weaker, with Nifty Junior slipping 0.98%, midcaps down 0.32% and smallcaps down 0.65%, even breaching their September lows. “While the Nifty is near record highs, the rest of the market is in distress,” Jain observed. Banking stocks were relatively resilient, with Nifty Bank flat at –0.05%.
Commodities mirrored this sluggish trend. Gold was nearly flat at –0.21%, while silver edged up just 0.16%. Market breadth also deteriorated sharply, with advances declining steadily through the day. By the close, only 141 stocks advanced versus 359 that declined.
The Nifty heatmap showed widespread weakness across sectors—Mahindra & Mahindra, ITC, Reliance Industries, TCS, Bajaj Finance, Axis Bank, JSW Steel and Tata Steel were among the notable laggards. In the Nifty Next 50 basket, almost all stocks closed in the red, with Adani Group companies, HAL, CG Power, BPCL and IRFC under pressure. Orient Electric was the day’s biggest casualty, plunging 9% after breaking key technical levels.
The only sector showing consistent strength was IT, which gained 0.44%. All other major sectors fell, with defence stocks correcting 2.5%, real estate down 2%, PSE and CPSE indices slipping over 1.3%, and metals and commodities declining nearly 1%.
Looking at global cues, US markets had posted a strong previous session, with the S&P 500, Dow Jones and Nasdaq all gaining around 1%, and the Russell 2000 rising 2.7%. Stocks such as Target, Accenture, PayPal and UPS contributed to the gains.
Jain also addressed a trend he calls “late chasing,” where investors enter sectors only after 70–80% of the rally is complete. He pointed out that many Indians missed the equity boom of 2020–2021 due to Covid fears, the real estate surge of 2021–2024, and the ongoing precious metals rally since 2024. “Unless you follow proper asset allocation, you will always miss the trend,” he said.
He emphasised the importance of diversified, rules-based investing rather than emotional swings between assets. Switching abruptly from equities to gold or vice versa is impractical, he warned, arguing instead for dynamic allocation systems that adjust exposure as trends change.
Jain also flagged rising risks from Japan’s aggressive stimulus programmes. A weakening yen could force Japanese yields higher, potentially triggering an unwind of global carry trades—an event that could shake equity markets worldwide. “There is no free lunch,” he said, warning that today’s stimulus-driven spending would eventually be paid for by future taxpayers.
Jain concluded that investors must stay informed and avoid emotional reactions to market narratives. “These cycles will keep coming. Participate systematically—don’t chase, don’t panic, and don’t try to time the market.”