In this episode of Market Guru, we speak with Satish Ramanathan, CIO–Equity at JM Financial AMC, to take a deep dive into the JM Midcap Fund and understand the investment philosophy driving its performance. Launched in November 2022, the fund has delivered a strong return since inception, backed by a diversified portfolio of 63 stocks. Satish Ramanathan discusses the fund's stock selection process, sector allocation strategy, risk management framework and the opportunities he sees in India's mid-cap space. We also examine key holdings including Godfrey Phillips India, Bharat Forge, Tube Investments of India, Marico, Glenmark Pharmaceuticals, and other portfolio favourites. The conversation covers the outlook for Indian equities, valuations in the mid-cap segment, emerging investment themes, and what investors should keep in mind while building long-term wealth through mutual funds. If you're looking to understand whether mid-cap funds deserve a place in your portfolio, this discussion offers valuable insights from one of the industry's leading fund managers. Watch Market Guru for expert market insights, fund analysis and actionable investment ideas.
Join Shailendra Bhatnagar on Business Today TV as he decodes the RBI’s latest policy signals, the government’s big tax relief for foreign investors, and what it means for Dalal Street. In this market discussion, Vaibhav Sanghavi, CEO, ASK Hedge Solutions, breaks down the impact of the government's move to exempt foreign investors from capital gains tax and interest income tax on government securities. Will this trigger fresh FII inflows? Can it strengthen the rupee, support bond markets, and boost equity sentiment? We also discuss RBI’s measures to attract foreign capital, the outlook for interest rates, market valuations, and key investment opportunities emerging from the policy announcements. Watch this insightful conversation for expert views on markets, bonds, FIIs, equities, and the road ahead for Indian investors.
Markets are holding firm on May F&O expiry day, but where is smart money really headed now? In this explosive edition of Market Guru, Anshul Saigal, CIO & Founder of Saigal Capital Advisors, decodes the next big opportunities on Dalal Street. From the AI-driven rally in data and power plays to defence, energy and smallcaps, Saigal explains why this could be a golden phase for long-term investors. He also shares why fear in the market may actually be creating massive wealth-building opportunities. Catch his sharp take on Business Today.
Business Today TV’s Shailendra Bhatnagar speaks exclusively with Atul Bhole, Senior Fund Manager at Kotak Mutual Fund, on the evolving outlook for India’s midcap space and the long-term wealth creation story of the Kotak Midcap Fund. With the fund delivering strong SIP returns over the years, Bhole shares his views on current market valuations, sector opportunities, portfolio strategy and the road ahead for midcap investors. The discussion also focuses on how disciplined SIP investing has helped investors create substantial wealth, with a ₹10,000 monthly SIP in the fund growing significantly over the long term. From navigating market volatility to identifying quality growth businesses, Bhole explains what continues to drive confidence in the midcap segment despite recent market swings. Catch this exclusive conversation for key insights into India’s midcap investment landscape and strategy ahead.
Markets may be flat on the screen, but the action beneath the surface is intense. In this special episode of Market Guru, Shailendra Bhatnagar speaks with Satish Ramanathan, CIO-Equity at JM Financial AMC, on the biggest trends shaping Dalal Street. From the sharp rally in Japanese and Korean markets to easing West Asia tensions, cooling crude oil prices and renewed optimism in Indian equities - the discussion covers it all. Satish Ramanathan shares his outlook on Nifty, midcaps, smallcaps, manufacturing, BFSI, IT and the future of India’s growth story. The spotlight is also on the JM Flexi Cap Fund, sector allocation strategy, smallcap opportunities and how investors should navigate volatility amid global uncertainty. Catch this insightful market masterclass packed with investment wisdom and long-term wealth-building strategies.
Dive into an insightful conversation with Dinshaw Irani, CEO of Helios Capital, as he shares his expert perspective on the Indian stock market, mutual funds, SIP investing and the broader market outlook. From trends in the NIFTY 50 and BSE SENSEX to strategies for long-term wealth creation, this discussion covers key themes every investor should watch. Gain valuable insights on market volatility, portfolio strategy, fund selection and where opportunities may lie in India’s evolving investment landscape. Whether you are a seasoned market participant or beginning your investment journey, this conversation offers practical perspectives on stocks, mutual funds and smart investing. Watch the full interview for expert analysis, market trends and actionable investment insights.
Markets are at a crucial inflection point after a volatile start to 2026, with a recent rally supported by easing tensions in West Asia and improving sentiment. In this insightful conversation, Prateek Agarwal, MD & CEO, Motilal Oswal AMC, decodes the road ahead for investors. He highlights how valuation concerns have largely eased, making this a good phase to deploy capital gradually despite near-term uncertainty from crude price volatility. The discussion also dives into emerging investment themes like electrification, EV adoption, renewables, and defense, which could drive the next leg of growth. Agarwal emphasizes focusing on long-term earnings growth over market caps, while advising investors to stay invested, ignore short-term noise, and align portfolios with future-facing sectors poised for structural expansion.
India’s IPO market in FY26 has seen a sharp reality check, with nearly 66% of listings trading below their issue price and many IPOs failing to deliver expected returns. Despite a record ₹1.79 trillion raised through 112 mainboard and 254 SME issues, weak secondary markets, aggressive valuations, and global volatility have hurt post-listing performance. Even large listings like Hyundai Motor India are trading below issue price, reflecting cautious investor sentiment. Analysts attribute the slowdown to excess supply, stretched pricing, and geopolitical uncertainty. Looking ahead to FY27, experts expect a more measured IPO pipeline, with recovery dependent on market stability and improved investor confidence.
Dalal Street is witnessing a powerful rebound! In this episode, we decode the sharp rally as the Nifty surges over 470 points and the Sensex jumps 1,500 points, driven by short covering, value buying, and easing concerns around the West Asia conflict. Broad-based buying across large caps, mid caps, and small caps signals renewed investor confidence after weeks of volatility. Market veteran Jyotivardhan Jaipuria, Founder & MD of Valentis Advisors, shares his insights on whether the worst is behind us, valuation comfort, FII flows, and the road ahead for 2026. He also highlights key sectors like banking and pharma, and explains his investment strategy during uncertain times. Is this the right time to invest? What should investors do next? Watch for expert insights and actionable market guidance.
Join Market Guru Shibani Sircar Kurian, Sr. Fund Manager & Head-Equity Research at Kotak Mahindra AMC, as she decodes today's Indian stock market volatility. With Nifty surging 2% to 22,970 and Sensex up 1,470 pts amid geopolitical risks and FII flows, Kurian shares insights on key sectors like banking, healthcare, and consumption—her expertise areas.
In the Market Guru episode today, George Joseph, CIO & CEO (Equity) at ASK Investment Managers, shares his strategy for navigating the current market volatility triggered by the West Asia crisis and global uncertainty. Speaking with Shailendra Bhatnagar, he explains why periods of market corrections can create powerful investment opportunities for long-term investors. Joseph highlights a growing tilt toward domestic cyclical sectors, large-cap financials, construction and infrastructure plays, while also identifying emerging opportunities in the data center and AI ecosystem. He believes global disruptions and elevated crude prices may be temporary, with markets eventually normalising. The discussion also explores India’s capex cycle, cement sector consolidation, and how investors can position portfolios over the next 6-8 months amid global volatility and shifting market sentiment.
Ahead of the Union Budget, Market Guru brings you an in-depth conversation on how investors should position themselves in a volatile and opportunity-rich market environment. Moderated by Sakshi Batra and Shailender Bhatnagar of Business Today, this pre-Budget special features Jyotivardhan Jaipuria, Founder & Managing Director of Valentis Advisors, as he shares his expert perspective on market trends, sectoral opportunities and key risks to watch. From identifying potential pre-Budget investment themes to understanding how policy signals could influence equities, interest rates and investor sentiment, this discussion offers practical insights for both retail and long-term investors. As expectations build around growth, fiscal discipline and reforms, the Market Guru decodes what really matters for your portfolio in the run-up to the Budget and beyond.
Market Guru Yogesh Patil, CIO-Equity at LIC Mutual Fund, shares his outlook for calendar year 2026, Q3 earnings expectations, sectoral trends, and asset allocation strategies. Patil highlights improving credit growth, potential interest rate cuts, normalization in Q3 earnings, and selective opportunities across BFSI, specialty chemicals, defence, and capex-led sectors. He also discusses the structural bull case for gold and silver amid global uncertainty and central bank buying. While challenges remain, Patil believes the next 15 months could be better than the previous phase, supported by policy reforms, easing liquidity, and improving economic momentum.
As markets take a breather in early January, all eyes turn to the Union Budget and what it may mean for equities. Market Guru Satish Ramanathan believes the Finance Minister faces a classic tightrope walk — balancing fiscal discipline with the need to sustain economic growth. With multiple demands on the tax rupee, from subsidies to social spending, the biggest hope from Dalal Street is stability. Investors want a predictable tax regime and a budget that remains expansionary rather than contraction-led. As pre-budget rally expectations stay muted, clarity on taxation, spending priorities and growth support could decide the next market move. For equities, stability may be the strongest stimulus of all.
Indian markets opened 2026 with early highs but quickly faced heavy selling pressure, with Nifty down ~200 points and Bank Nifty/IT indices sharply lower amid geopolitical tensions in Europe and South America, weekly expiry dynamics, and pre-weekend caution. JM Financial AMC CIO Satish Ramanathan views the volatility as an opportunity, noting reasonable economic momentum and improving earnings, though valuations warranted a pullback. He expects Q3 earnings to be solid and anticipates a post-Budget rally driven by domestic consumption push, possible tax reforms, and measures to attract FIIs. Precious metals continue strong on safe-haven demand. Strategy: Gradually build portfolios in volatile markets; avoid panic selling. Markets defend 25,900 on Nifty; IT down 2%.
In a volatile, range-bound 2025 marked by elevated valuations, earnings slowdown, global trade resets, FII outflows, and rupee depreciation, the Nifty delivered ~9-10% returns (largely matching inflation), while mid/small-caps underperformed significantly. Kotak AMC CIO Harsha Upadhyaya views 2026 more positively, with negatives resolving, earnings rebounding to low double-digits in H2 FY26 and mid-teens in FY27. Large-cap valuations near long-term averages support better performance. Retail investors' faith in SIPs/mutual funds persisted amid direct equity pain. Banking/financial services remain favored for credit growth and stable asset quality. IT stays modest with limited upside; precious metals positive but volatile post-strong run. Defense selective; speciality chemicals/metals improving on supply constraints. Overall, expect steadier gains in 2026.
Small-cap stocks have been among the worst performers in 2025, falling nearly 20–23%, even as headline indices hover near record highs. This sharp correction has left many retail portfolios under pressure. Market experts stress that this is not unusual for the small-cap space, which is inherently volatile. Historical data shows that small-cap indices frequently decline 20–25% from their peaks and can take several years to recover. While the segment offers strong alpha-generation potential for skilled fund managers with deep research capabilities, it may not suit investors seeking stability. Due to its high volatility, small caps require patience, discipline and proper asset allocation. Investors are advised to avoid timing cycles and understand that short-term pain is often part of long-term small-cap investing.
The IPO market emerged as one of the biggest investor frenzies in 2025, with record fund-raising of nearly ₹1.75 lakh crore, a surge in OFS-led issues and multiple startup listings. While expectations remain strong for continued IPO activity, nearly half of the year’s IPOs are now trading below their issue prices, raising concerns for investors. Market experts caution against generalising IPO outcomes, noting that broader market weakness has also pushed many listed stocks into negative territory. A selective, bottom-up approach is key—evaluating each IPO on its own fundamentals, valuation and business quality. As India’s economy expands, listings across sectors like chemicals, healthcare and financial services are widening the investable universe, offering long-term opportunities for discerning investors.
2025 proved a challenging yet resilient year for Indian investors, marked by sharp asset class divergences, prolonged flatlining in equities, and the need for discipline amid volatility. The Nifty delivered modest ~9–10% gains despite zero corporate earnings growth for much of the year, tight monetary policy post-elections, and record FII outflows. Smallcaps suffered their worst performance since 2018, down ~20–23%, while broader markets consolidated. Gold and silver stole the show, with gold up ~75–85% and silver soaring ~100–182%—far outpacing equities and highlighting the pitfalls of chasing past winners. Record IPO fundraising hit ₹1.75–1.76 lakh crore through 103 mainboard listings, but nearly 50% traded below issue prices by year-end, underscoring valuation risks. Aashish Somaiyaa of White Oak Capital AMC views the flat period as "not bad" given headwinds—it made markets ~12–15% cheaper automatically. For 2026, he advises against chasing precious metals' past rallies; instead, favor long-term equity via diversified or asset-allocated portfolios, selective smallcap exposure through flexi/multi-cap funds, and incremental bets on underperformers like private banks, IT, and healthcare. Avoid dramatic rejigs after losses—rebalance gradually, stay invested in quality, and prepare for potential second-half recovery as valuations ease and global uncertainties fade.
As investors debate whether fresh market highs can be revisited in 2026, the focus is shifting away from traditional large-, mid- or small-cap labels. Recent earnings trends show stronger, broader growth in select mid-cap pockets, while small-cap performance remains narrow and stock-specific. The real opportunity, however, lies in identifying structural growth spaces such as healthcare, EVs and renewables, where most leaders are still outside the large-cap universe. With interest rates easing, cost of capital declining and global liquidity expected to improve, growth-oriented sectors could see renewed traction. The key, however, is selectivity - avoiding businesses past their prime and backing category leaders with sustained earnings visibility. Over time, markets follow earnings, and spotting the right growth leaders early could be the defining strategy for 2026.
After one of the most challenging 12-15 months for equity investors, markets enter 2026 with a very different setup. Valuations, once the biggest concern, have corrected sharply as earnings moved up but prices failed to keep pace. India is no longer the most expensive market, while policy tailwinds - tax cuts, repo rate reductions, GST rationalization and easing global liquidity - are now in place. Lower oil prices and rate cuts by global central banks further strengthen the macro backdrop. However, persistent selling pressure, rupee volatility and heavy IPO activity have capped upside momentum. The key question now is whether markets can absorb past excesses and transition into a more stable phase. With fundraising peaking and liquidity conditions improving, 2026 could mark a shift from pain to potential.
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