Market Masters | Devina Mehra On Budget 2026, India-EU Deal, Stock Market Rally & Gold-Silver Surge

Business Today's in-depth conversation with Devina Mehra, Founder & CMD of First Global, addresses equity market challenges after Nifty's worst January performance with 4.5% decline. Mehra advocates portfolio cleanup, suggesting investors exit stocks they wouldn't buy today, while maintaining equity allocation through multi-cap funds over risky small-cap exposure. She cautions against gold-silver rally at current highs despite single-digit allocation in portfolios, drawing parallels to historical bubbles. Mehra discusses overweight positions in auto components, pharma, FMCG, and banking, noting IT sector addition. On the India-EU trade deal, she sees limited immediate impact on listed markets. Budget expectations remain muted due to 1.3 lakh crore tax collection shortfall and low nominal GDP growth. She emphasizes global portfolio diversification given rupee's 20% depreciation against euro in 2025.