Sandip Bansal of ASK Investment Managers shares his perspective on the weakening rupee and how fund managers are adapting. He explains that while a softer rupee raises import costs - especially for capital goods and oil - it also supports exports and helps cushion the impact of US tariffs. With crude prices remaining muted, the pressure from imports has been manageable. Bansal notes that currency volatility is not desirable but is an unavoidable part of markets. Rather than viewing it as a nightmare, fund managers adjust portfolios to evolving macro conditions. In this environment, ASK has taken a tactical call on the IT sector, supported by export orientation, attractive valuations, and signs of improving demand, turning currency weakness into a strategic opportunity.
On December 19, 2025, amid a market rebound with Nifty reclaiming 25,900, ASK Investment Managers' Deputy CIO Sandeep Bansal shared a hopeful 2026 outlook after a painful 2025. He expects earnings growth recovery, improved sentiments from potential US trade deals/bilateral agreements, and rising government/private CAPEX benefiting from rate cuts. Fresh deployments focus on domestic cyclical plays - BFSI (credit growth, asset quality, valuations), discretionary consumption, manufacturing/capital goods. Tactically bullish on IT due to weak rupee boosting exports, attractive valuations, and improving demand. Prefers large-caps for better risk-adjusted returns; selective mid/small-cap opportunities. Advises cleaning weak portfolios, expects FII return. Long-term India story intact at ~21x forward earnings.
Sandip Bansal of ASK Investment Managers explains how fresh monthly inflows are being deployed in the current market environment. The focus remains firmly on domestic-oriented businesses positioned to benefit from a cyclical recovery. While there is no single-sector bet, Bansal highlights a basket-led approach with BFSI, discretionary consumption, manufacturing, and capital goods at the core. BFSI stands out due to improving credit growth momentum, strong asset quality, and attractive valuations. He also notes a tactical bullish turn on the IT sector, supported by favourable currency dynamics, current account considerations, rising gold prices, reasonable valuations, and an improving demand outlook. Overall, ASK’s strategy balances cyclical recovery themes with selective sectoral opportunities.
Sharing his outlook on the NIFTY 2026, George Thomas, Fund Manager at Quantum AMC, says bottom-up fundamentals point to healthy upside over the next two years. He remains optimistic on financials, where rate cuts that hurt banks earlier could turn into a tailwind as deposit repricing improves margins amid a benign credit environment. Insurance is another key pocket, with pricing issues largely behind and earnings visibility improving. IT services, after years of muted global tech spending, could benefit from a technology refresh cycle and enterprise adoption of new platforms. While valuations are no longer cheap, Thomas believes they remain reasonable, setting the stage for returns that could outperform historical averages over the next two years.
Concerns around the rupee weakening to near 91 levels are being viewed with greater calm compared to the past. The market perspective today is shaped by strong foreign exchange reserves, relatively low crude oil prices, and global currency volatility. Unlike earlier phases when sharp rupee moves triggered panic, the current depreciation is seen as part of a broader cycle. Importantly, a weaker rupee provides a cushion to Indian exporters, especially at a time when trade negotiations face delays. With oil prices around $60–62 per barrel, the macro balance remains supportive. The combination of manageable inflation risks, adequate reserves, and global currency adjustments suggests that the current rupee level is not a systemic concern but a temporary phase within the economic cycle.
SEBI has announced a sweeping reset of market regulations, cutting and unbundling mutual fund expenses, overhauling three-decade-old stockbroker rules, and tightening disclosure norms. IPO regulations have also been eased with a tech-driven lock-in system for pledged shares, while investor protection has been strengthened through a revamped broker charter and grievance redress mechanism. Catch Sakshi Batra in conversation with Harshvardhan Roongta, CEO, Roongta Securities decoding what these changes mean for retail investors.
In late 2025, amid flat Indian markets and widespread pain, DSP Mutual Fund's Rohit Singhania highlighted a sentiment-data divergence. Resilient domestic flows cushioned declines despite earnings downgrades and rupee's record low. He advocated sticking to fundamentals—business quality, valuations, risks—while ignoring noise, and urged continuing SIPs for long-term compounding. Portfolio shifts: Overweight banks (private/PSU) for strong balance sheets/growth; turned overweight IT on attractive valuations/cash flows; positive on under-penetrated insurance.Downplayed rupee depreciation and yen carry trade unwind risks, expressing cautious optimism for 2026-27.
India’s mutual fund investors are set to benefit as Securities and Exchange Board of India lowers base expense ratio limits across categories. The cap for index funds and ETFs has been reduced to 0.9% from 1%, while equity-oriented schemes will now have a lower ceiling of 2.10% versus 2.25% earlier. Fund-of-funds investing in passive products will also see tighter limits. Market experts call this a clear win for unit holders, as lower costs can directly improve long-term returns, especially for SIP investors. While there were expectations of sharper cuts, the actual impact on AMC profitability is seen as marginal, with most of the adjustment likely absorbed through lower distributor commissions. Overall, the move strengthens investor-friendly regulation without materially hurting fund houses.
Shares of Ola Electric continue to face intense pressure as promoter Bhavish Aggarwal offloads more stake for the second straight session. Nearly 4.19 crore shares, or 0.95%, were sold for ₹142 crore, taking the total stake sale to around 1.5% worth ₹234 crore. Promoter holding has now slipped to 36.78%. The stock has sunk to a fresh all-time low of ₹31.8, more than halving from its IPO price. Market experts say the sell-off reflects investor discomfort over Ola’s shrinking market share, rising competition, and lack of visible profitability. The Street is sending a clear message—growth alone isn’t enough; sustainable profits matter most, even for new-age businesses.
On Business Today Television's market update, Dalal Street showed mild gains with Nifty around 25,800 (up marginally), supported by Bank Nifty and IT index (up 0.6%, aided by weak rupee benefiting exporters). Metals sector led with Nifty Metals +0.4%, driven by rallies in Hindalco (~₹810-860), Vedanta (fresh highs amid demerger progress), Hindustan Zinc, and Hind Copper. Asset management stocks surged on relief from SEBI's moderated TER cuts. Other gainers: IndiGo, Crompton. Low-volume, scattered trade amid year-end caution; focus on metals and capital market plays.
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On Business Today Television's "What's Hot," expert Sunny Agarwal (SBI Securities) reviewed India's record 2025 IPO market - over 100 mainboard listings raising, the highest ever. OFS dominated, with mixed listings. Top performers included Meesho, alongside others like Stallion Fluorochemicals. 2026 pipeline eyes ₹2-2.5 lakh crore, led by mega issues like Reliance Jio, NSE, Flipkart. SEBI lowered mutual fund base TER caps, enhancing transparency. Contrasts: Meesho blockbuster vs. Ola Electric's sharp decline to all-time lows amid promoter sales/competition. Markets cautious near 25,750, optimistic on 2026 earnings/FII flows.
Shares of Meesho have delivered a stunning post-IPO run, nearly doubling investor wealth in just seven trading sessions and briefly hitting upper circuits. The rally has pushed the company’s market capitalisation past ₹1 lakh crore, with co-founder Vidit Aatrey joining the billionaire club. However, the sharp rise has also triggered the first signs of caution, with the stock cooling off after a steep climb. Analysts point out that valuations have expanded to levels comparable with peers, even as operating losses of over ₹550 crore persist. While optimism was boosted after UBS raised its target, the Street is now watching Meesho’s path to profitability closely. The next leg of the story hinges on execution, margins, and sustained cash flow discipline.
With the Reserve Bank of India slashing repo rates significantly from January 2025 levels, bank fixed deposit returns have hit record lows, prompting a critical look at investment alternatives. The discussion highlights that while borrowers benefit from lower rates, depositors facing inflation and taxes are seeing their returns erode. Experts suggest that 'debt neutral funds as a category is a very attractive category' due to liquidity and tax efficiency. For senior citizens seeking safety, the advice is to 'stick to FD, but try credible private sector FDs' which offer better rates than traditional banks. Additionally, 'multi-asset allocation fund' strategies investing in debt, equity, and commodities are recommended for those willing to take calculated risks. The consensus remains that while 'nothing is zero risk like FD', diversifying into hybrid funds is essential in this low-interest regime.
With inflation under control and CPI readings staying benign, the outlook for interest rates appears largely stable. According to market experts, while inflation may edge up from current low levels, it is unlikely to breach the comfort band set by the Reserve Bank of India. Most rate cuts are believed to be front-loaded, leaving limited scope for further easing. This suggests that interest rates could remain at current levels through the medium term, supporting economic stability without triggering fears of a deflationary spiral. While market forces may eventually push rates higher over the long run, the near-to-medium outlook points to a prolonged pause by the RBI, offering predictability for borrowers, investors, and businesses planning for the year ahead.
On Business Today Television, George Thomas (Quantum AMC) discussed India's challenging 2025 equities market—characterized by weak earnings, demand slowdown, FII outflows, rupee at record lows (~90.5-91/USD), and momentum shifting to precious metals like silver (surpassing ₹2 lakh/kg amid historic rally).Despite government measures (tax cuts, 125bps rate reductions), markets slid slowly. He anticipates 2026 improvement: earnings rebound from low base, private capex revival, favorable valuations attracting flows. Optimistic on financials (banks/insurance tailwinds), IT (tech refresh).Advise continuing SIPs in valuation-conscious funds; selective in small/mid-caps. Prefer gold (20% allocation diversifier) over silver (industrial risks, tactical only).Rates likely stable medium-term; strong two-year Nifty upside. Quantum Value and Small Cap funds poised for best returns.
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On Business Today Television, precious metals expert Vandana Bharti (SMC Global) discussed silver's historic rally, surpassing ₹2 lakh per kg on MCX (up ~5-6% intraday, over 116% YTD from below ₹1 lakh), driven by physical scarcity, depleted mines, surging industrial demand (solar, EVs), and government/central bank buying - unlike past speculative surges. She anticipates limited 10-15% corrections (possibly March 2026 onward), with long-term targets of $85-90/oz. Long-term investors should accumulate on dips; traders avoid fresh entries now, await ₹1.85-1.92 lakh. Gold consolidates around $4,400/oz (potential breakout to $4,500); copper remains bullish, eyeing LME $12,800-13,000 in Q1 2026 amid tariffs and scarcity.
In "What's Hot," show at Business Today, expert Prashanth Tapse (Meta Equities) reviewed two healthcare IPO listings. Nefrocare Health debuted with a 7% premium, listing at ₹480 (vs ₹460 issue price) and trading near ₹490, reflecting strong business outlook. Park Medi World listed at a 4% discount (₹156 vs ₹160) but recovered toward the issue price amid weak sentiment. Prashanth Tapse recommended long-term holding for both. The rupee slipped past 91 before RBI intervention; exporters (IT, pharma, chemicals) benefit. Crude fell below $59/barrel, offsetting import costs. Positive on Reliance Industries (15-18% upside in 2026 as core portfolio stock).Limited downside for Ola Electric; advise exiting Apollo Micro Systems on governance concerns. Markets neutral to negative, targeting 26,000 year-end close.
Gold may have taken a temporary backseat as silver steals the spotlight, but the underlying trend remains constructive. The metal is currently in a phase of long consolidation, with prices largely capped in a defined range. The key trigger ahead is event risk, especially the Bank of Japan’s interest rate decision. A rate hike could weaken the dollar index, opening the door for gold to break past crucial resistance levels. A sustained move above $4,400 could push prices towards $4,500 globally and ₹1.38–1.40 lakh in domestic markets. Importantly, gold has not shown any bearish signals so far. While silver leads in the near term, gold’s bias remains positive, with a potential run-up into January before consolidation sets in.
Silver prices are testing investors’ patience as the metal continues to scale higher, leaving many wondering whether to wait for a correction or jump in now. Speaking on Market Commentary, Vandana Bharti explains why volatility is an inherent part of silver and how different investors should approach it. A 3% dip in silver can mean a ₹6,000 swing, which can be unnerving for derivatives traders. However, for long-term investors, physical buyers and asset allocation strategies, demand-supply dynamics remain strong. Vandana believes silver could head towards $85–90 in the next 1–2 years. Her advice: treat corrections as accumulation opportunities, avoid panic, and stay cautious with leveraged trades at current levels.
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