Gold price climbs ₹10 to ₹1,73,090; silver falls ₹100, trades at ₹2,94,900

by Hansraj Agrawal | Mar 2, 2026 | Share Market

Gold Price Today: The price of 24-carat gold rose ₹10 in early trade on Monday, with ten grams of the precious metal trading at ₹1,73,090, according to the GoodReturns website. The price of silver fell by ₹100, with one kilogram of the precious metal selling at ₹2,94,900.

The price of 22-carat gold increased by ₹10, with ten grams of the yellow metal selling at ₹1,58,660.

The price of ten grams of 24-carat gold stood at ₹1,73,090 in Mumbai and Kolkata, and ₹1,72,100 in Chennai.

In Delhi, the price of ten grams of 24-carat gold stood at ₹1,73,240.

In Mumbai, the price of ten grams of 22-carat gold was ₹1,58,660, the same as in Kolkata, Bengaluru, Hyderabad, and ₹1,57,760 in Chennai.

In Delhi, the price of ten grams of 22-carat gold stood at ₹1,58,810.

The price of one kilogram of silver in Delhi, Kolkata, and Mumbai stood at ₹2,94,900.

The price of one kilogram of silver in Chennai stood at ₹3,25,100.

US gold prices rose more than 1 per cent on Monday after the US and Israel launched major strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei, escalating geopolitical tensions and deepening global economic uncertainty.

Spot gold was up 1.35 per cent at $5,348.49 an ‌ounce by 2316 GMT.

US gold futures rose 2.2 per cent to $5,362.30.

Spot silver rose 1.21 per cent to $94.95 an ounce after registering a monthly gain in February.

Spot platinum climbed 0.31 per cent to $2,372 an ounce while palladium was down 0.35 per cent at $1,779.80 ‌an ounce.

(with inputs from Reuters)

Source link

Equities remain core for long-term wealth creation: Harsha Upadhyaya

by Hansraj Agrawal | Mar 2, 2026 | Share Market

It has been a topsy-turvy 2026 for the markets thus far. Harsha Upadhyaya, president and chief investment officer at Kotak Mahindra Asset Management, tells Puneet Wadhwa in an email interview that if the markets are to move up meaningfully from here, leadership is more likely to come from sectors with earnings visibility rather than pure re-rating. Edited excerpts:

Have the recent geopolitical events altered your investment preference?

On geopolitics or any events, we generally avoid trading headlines. We ask – does it alter earnings trajectory and fundamentals? If yes, we adjust exposures gradually. So, our positioning tends to be evolutionary rather than abrupt. We trim where valuations go ahead of fundamentals and add where earnings visibility improves without paying an excessive premium.

What’s the road ahead for the markets? When can we expect the worst to be over?

We avoid calling a “worst is over” too confidently as markets rarely give that clarity. That said, a good part of the near-term negatives is better understood and partially reflected in prices. At current levels, the market appears to be factoring in moderation in near-term earnings growth for parts of the economy, lower margin tailwinds versus the post-Covid period, higher dispersion—meaning not all sectors participate equally, and liquidity sensitivity, especially in the frothier segments. If the markets move up meaningfully from here, leadership is more likely to come from sectors with earnings visibility rather than pure re-rating.

Which sectors are likely to lead the earnings recovery?

Likely leadership areas (selectively) would be financials where growth has started pick up and asset quality stays stable; interest rates to remain stable implying no impact on interest margins; Industrials / capital goods / engineering as overall capex continues, and execution stays strong; select consumption plays where rural/urban demand normalises, and input cost volatility is lower, and the auto and ancillaries pack where volume growth and product mix remain supportive.

View on small-and mid-caps (SMID)?

The SMID segment has some excellent businesses, but also greater valuation and liquidity risk. After strong periods, the burden of proof shifts to earnings. If earnings recovery broadens and is sustained, quality SMIDs can participate—possibly outperform—but it will be more selective than what investors have seen in broad SMID rallies.

Did the December 2025 (Q3-FY26) quarter earnings give confidence for next fiscal?

The Q3-FY26 broadly reinforced two things. Firstly, the dispersion is high; and second, the next leg (of earnings growth) depends on whether volumes and capex momentum sustain. One quarter is not enough to declare a new earnings cycle, but it does give more data points on which pockets are stabilising and where margins/volumes are turning.

To what extent will the recent trade deals help their earnings recover?

For SMIDs, benefits can be indirect and uneven due to trade deals. A supportive trade environment can help via better export demand for niche manufacturing, supply chain diversification opportunities and lower input volatility in some cases. But for many SMIDs, execution, balance-sheet strength, and governance matter more than macro headlines. So yes, trade-related tailwinds can help select pockets, but the primary filter remains fundamentals and valuation.

Gold exchange traded funds (ETF) inflows beat equity-oriented schemes in January. Do you foresee a trend reversal ahead?

Short-term flows can be noisy—one month doesn’t make a trend. Gold tends to attract flows when investors are seeking portfolio insurance, when real rates and currency expectations shift, or when risk perception rises. Do we see a sustained reversal away from equities? Not necessarily.

In India, equities are often a long-term wealth creation product and flows typically normalise once volatility stabilises. What is expected is a more balanced allocation mindset, where investors use gold as a diversifier rather than a return-chasing asset.

So, gold flows may remain healthy if uncertainty persists, but for long-term wealth creation, equities remain core—provided investors align allocations to risk capacity and time horizon.

For a mutual fund investor, is it the right time to invest in flexicaps, or commodity ETFs for wealth creation in 2026?

Over multi-year horizons, equities—especially via diversified funds like flexicaps—have a stronger structural case because earnings growth compounds. Commodity ETFs, including metals, are typically better viewed as tactical allocations or diversifiers, not primary compounding engines.

Flexicaps offer two advantages in uncertain markets. First, the manager can move across market caps based on valuation and earnings quality; and second, they can manage risk through portfolio construction when dispersion is high.

Commodity ETFs, on the other hand, can complement a portfolio if the investment goal is diversification or inflation/uncertainty hedging, but relying on them for long-term wealth creation is more cycle dependent.

So, for 2026, core investments should be in diversified equities (flexicap) and satellite in commodities if it fits the investor’s risk profile, rather than an either/or.

Source link

IIFCL gets Cabinet approval for IPO, MD says listing likely in FY27

by Hansraj Agrawal | Mar 1, 2026 | Share Market

State-owned India Infrastructure Finance Company has received the necessary approvals to proceed with its proposed initial public offer, with the Cabinet Committee on Economic Affairs clearing its listing on stock exchanges, the company’s top official has said.

The approval has already been conveyed by the Department of Investment and Public Asset Management (DIPAM) to the company, IIFCL’s newly appointed MD Rohit Rishi told PTI.

“IIFCL (India Infrastructure Finance Company Ltd) is in the process of submitting the requisite details to the government to facilitate finalisation of the modalities, which is expected to materialise in the next financial year,” he said.

The Budget 2026-27 provides emphasis on disinvestment and asset monetisation. The proposed initial public offer (IPO) forms part of the government’s broader disinvestment and capital market listing strategy for public sector entities.

Currently, IIFCL is 100 per cent owned by the central government. Established in 2006, it provides long-term financial assistance to viable infrastructure projects.

The authorised and paid-up capital of the company stood at Rs 10,000 crore and Rs 9,999.92 crore, respectively, as of March 31, 2025.

IIFCL has been registered as an NBFC-ND-IFC with the Reserve Bank of India (RBI) since September 2013 and follows the applicable prudential norms of the Reserve Bank of India.

Sharing his vision for the organisation, Rishi said infrastructure development is going to play a pivotal role in the journey towards Viksit Bharat by 2047, and IIFCL has a central role to play as a provider and catalyst of long-term infrastructure finance.

“My vision for the institution can be captured in three words — Improve. Develop. Transform,” said Rishi, who assumed charge of the organisation last month.

“We will improve the quality and scale of infrastructure financing through disciplined appraisal standards and technology-enabled monitoring. As we grow, asset quality and prudent risk management will remain non-negotiable,” he pointed out.

He further said that another goal is to develop a stronger and more diversified long-term funding base.

“Infrastructure requires patient capital. We will deepen our engagement with multilaterals, global investors, and bond markets, and continue innovating in resource mobilisation so that we can provide stable, competitive, long-tenor financing,” he said.

IIFCL will transform its operations by harnessing technology, AI and data analytics to modernise project monitoring, strengthen transparency and enable early risk identification.

At the same time, he said, “We will focus on portfolio diversification into emerging sectors, such as renewable energy, digital infrastructure, EV ecosystems, and green hydrogen”.

Above all, Rishi said, “every decision we take will be anchored in nation-building, ensuring that IIFCL meaningfully contributes to India’s infrastructure-led growth in the decades ahead”.

IIFCL reported a 39 per cent jump in net profit to Rs 2,165 crore for the fiscal year ended in March 2025 against Rs 1,552 crore in the previous fiscal.

The company recorded its all-time high performance, for the fifth year in a row, with record Profit Before Tax (PBT) of Rs 2,776 crore, recording a growth of 37 per cent over the previous year’s Rs 2,029 crore.

In the previous financial year, the company recorded its highest-ever annual sanctions and disbursements of Rs 51,124 crore and Rs 28,501 crore, respectively.

Building on this strong performance, IIFCL continues to sustain its growth momentum and is on track to surpass the previous year’s results. As of January 31, 2026, annual sanctions have already reached Rs 53,217 crore, with disbursements at Rs 25,470 crore.

Source link

Mcap of 9 most valued firms declines by ₹2.18 trn, HUL biggest gainer

by Hansraj Agrawal | Mar 1, 2026 | Share Market

The combined market valuation of nine of the top-10 most valued firms eroded by Rs 2,18,902.09 crore last week, with Bharti Airtel taking the biggest hit in line with a bearish trend in equities.

Last week, the BSE benchmark tanked 1,527.52 points or 1.84 per cent.

“Equity markets ended the week under notable pressure as persistent geopolitical tensions and weakness in technology stocks weighed on sentiment,” Ajit Mishra, SVP, Research, Religare Broking Ltd, said.

From the top-10 pack, Hindustan Unilever emerged as the only gainer.

The market valuation of Bharti Airtel tumbled Rs 55,852.12 crore to Rs 10,71,853.25 crore.

HDFC Bank’s valuation eroded by Rs 37,580.1 crore to Rs 13,65,659.38 crore.

The market valuation of Reliance Industries dropped by Rs 34,846.12 crore to Rs 18,86,832.66 crore, and that of Bajaj Finance tanked by Rs 20,316.41 crore to Rs 6,20,070.59 crore.

Tata Consultancy Services’ market capitalisation (mcap) slumped Rs 18,180.89 crore to Rs 9,53,872.59 crore.

The valuation of Life Insurance Corporation of India (LIC) dived Rs 14,990.24 crore to Rs 5,37,213.68 crore, and that of Larsen & Toubro fell by Rs 13,714.85 crore to Rs 5,88,837.39 crore.

The mcap of State Bank of India declined by Rs 13,061.33 crore to Rs 11,09,520.23 crore.

The valuation of ICICI Bank dipped by Rs 10,360.03 crore to Rs 9,86,986.64 crore.

However, Hindustan Unilever added Rs 5,462.81 crore, taking its mcap to Rs 5,49,393.18 crore.

Reliance Industries retained the title of the most valued firm, followed by HDFC Bank, State Bank of India, Bharti Airtel, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever and LIC.

Source link

How Mutual Funds Navigated Asset Classes Over The Past Year

by Hansraj Agrawal | Feb 28, 2026 | Share Market

The Indian mutual fund industry’s assets under management (AUM) grew 20 per cent year-on-year to ₹80.8 lakh crore as of January 31, 2026, from ₹67.3 lakh crore a year earlier. The expansion was powered largely by robust net inflows of ₹9.4 lakh crore across categories. Equity schemes led with ₹3.7 lakh crore of net inflows, followed by debt funds at ₹1.9 lakh crore and hybrid funds at ₹1.7 lakh crore.

Against this backdrop, portfolio holdings across asset classes also witnessed meaningful shifts. This analysis compares month-end disclosures between January 2025 and January 2026 to assess how allocation preferences evolved.

For the one year ended February 25, 2026, benchmark returns remained divergent: Nifty 100 TRI gained 15 per cent, Nifty Midcap 150 TRI rose 20 per cent, while Nifty Smallcap 250 TRI and Nifty Microcap 250 TRI returned 12 per cent and 6 per cent, respectively.

Large-cap stocks

Mutual fund large-cap holdings rose 22 per cent to ₹32.7 lakh crore in the year ended January 2026, the strongest growth among market-cap segments. Amid volatility and valuation concerns in broader markets, fund managers gravitated toward large caps offering earnings visibility and relative valuation comfort.

Notably, large caps were the only market-cap segment to increase their share in overall MF equity exposure, from 40.2 per cent to 40.5 per cent.

HDFC Bank, ICICI Bank and Reliance Industries remained the top allocations at ₹3.3 lakh crore, ₹2.6 lakh crore and ₹1.8 lakh crore, respectively. In contrast, IRFC, Mazagon Dock Shipbuilders and Lodha Developers saw relatively lower MF exposure.

Mid-cap stocks

Mid-cap exposure expanded 21 per cent to ₹10.1 lakh crore, broadly mirroring the 20 per cent return delivered by the Nifty Midcap 150 TRI. Allocation growth remained measured rather than aggressive, suggesting disciplined positioning despite strong index performance.

Funds increased exposure past year to improving mid-sized industrial, financial and capital goods names including Indian Bank, Nippon Life India AMC, GE Vernova T&D India, SAIL, APL Apollo Tubes, NALCO and Laurus Labs.

Top mid-cap holdings include The Federal Bank, Max Financial Services and Persistent Systems, with exposure ranging between ₹21,000 crore and ₹27,000 crore.

Small- and micro-cap stocks

Small-cap holdings rose 20 per cent to ₹5.37 lakh crore, despite the Nifty Smallcap 250 TRI delivering a relatively moderate 11.7 per cent return. SIP inflows continued to support allocations, though fresh positioning remained selective.

Micro-cap exposure increased 17 per cent to ₹2.52 lakh crore, even as the Nifty Microcap 250 TRI returned just 6 per cent. Stocks ranked beyond top 500 by AMFI are considered as microcaps.

Compared with large- and mid-caps, the small- and micro-cap segments saw relatively slower growth, reflecting valuation fatigue, liquidity tightening and rising risk aversion.

Among small caps, Cholamandalam Financial Holdings, Radico Khaitan and KPR Mill saw fresh scheme additions. In micro caps, Equitas Small Finance Bank, Metropolis Healthcare and Ujjivan Small Finance Bank feature prominently in portfolios.

Overseas equities

Domestic mutual funds’ overseas holdings expanded 26 per cent to ₹1.03 lakh crore from ₹81,925 crore a year ago, outpacing most domestic equity segments. The rise, however, largely reflects mark-to-market gains rather than incremental capital deployment, given the industry-wide $7 billion overseas investment cap.

For the year ended February 25, 2026, global markets delivered strong returns — S&P 500 rose 16 per cent (USD), Shanghai Composite gained 26 per cent (CNY), and Nikkei 225 surged 54 per cent (JPY).

Importantly, the RBI cap applies to capital deployed and not to market value, allowing AUM to appreciate without breaching limits.

Debt

Long-term debt allocations increased a modest 5 per cent to ₹10.8 lakh crore, while money market instruments and short-term debt grew 11 per cent to ₹10.1 lakh crore.

The divergence reflects a duration recalibration. Early 2025 positioning was tilted toward longer duration to capture anticipated rate cuts. As easing expectations moderated and bond price gains were largely realised, managers rotated toward shorter-tenor instruments to lock in accrual yields with lower volatility.

Gold and Silver

Precious metals emerged as standout performers. Gold holdings surged 257 per cent to ₹1.9 lakh crore alongside an 81 per cent rise in the MCX Gold Index. Silver allocations soared 744 per cent to ₹1.2 lakh crore, supported by a 172 per cent rally in the MCX Silver Index.

Both price appreciation and fresh ETF launches drove growth, particularly in silver from a low base.

Gold retained its status as a strategic hedge amid global uncertainty and central bank buying, while silver gained traction as a tactical play benefiting from both precious and industrial demand themes.

REITs and InvITs

MF exposure to REITs climbed 46 per cent to ₹21,218 crore, aided by both mark-to-market gains and incremental allocations. Embassy Office Parks REIT, Brookfield India Real Estate Trust and Mindspace Business Parks REIT delivered 21–33 per cent returns over the past year.

SEBI’s decision to classify REITs as equity for mutual fund scheme categorisation expands their eligibility within equity schemes, potentially improving liquidity and institutional participation.

In contrast, InvIT holdings remained flat at ₹5,803 crore. Although select trusts such as Cube Highways Trust, IndiGrid Infrastructure Trust and Nexus Select Trust generated healthy market returns, InvITs continue to be treated as hybrid assets, limiting broader equity scheme participation.

Cash

Cash levels in active equity funds declined in percentage terms from 5.7 per cent to 4.9 per cent, even though absolute cash rose marginally, as sustained SIP inflows of nearly ₹28,000 crore flowed into equity-oriented funds every month. Heightened market volatility provided staggered entry opportunities, reducing the need to hold idle liquidity.

Published on February 28, 2026

Source link

Placing A Commodity Bet

by Hansraj Agrawal | Feb 28, 2026 | Share Market

Commodities and commodity related firms have performed well of late, including base metals, crude oil, steel and cement-oriented firms.

The volatility in energy markets, globally weakening dollar and related spurt in demand for commodities are expected to drive these markets in the backdrop of AI-induced volatility in the main street.

Here, we analyse four actively managed funds that invest in these sectors to highlight the better performing ones.

Cyclical commodities

Commodities are cyclical. This should imply that returns from investing in commodity funds is as much a function of timing as it is about the skills of the fund manager.

With that yardstick in place, we look at the three components of the industry to assess the stage in commodity cycle they are in.

Base metals have rallied in the beginning of the year. The indicative index LMEX (London Metal Exchange) which tracks aluminium, copper, zinc, lead, and others, hit a lifetime high in January 2026 surpassing its post-Covid high in 2022.

The index has corrected 5 per cent till February 2026 and is expected to remain above past averages. Demand factors including EVs, batteries, energy storage and shortfall in supplies have been boosted by the weakening dollar.

But with the dollar finding support coupled with hawkish expectations from the incoming Fed Chair (lower than expected rate cuts) and weaker demand from China and the global economy, further rally may not sustain in base metals. That said, at the current levels, which is above previous decade averages, the sector can benefit significantly from the operational leverage.

Domestic steel stocks have found new legs, rallying 30 per cent in the last six months (Nifty Metals). Safeguard duties, to avoid cheaper steel imports, are in place with visibility of next three years.

This should arrest the decline of steel prices which have corrected by 30 per cent from their peaks in 2021-22. The input materials (coking coal and iron ore) are also benign adding to the operational leverage of the companies.

Demand is expected to stay strong with infrastructure capex reiterated at higher levels in the Budget and automobile sales gaining strength. On similar factors, cement sector is also expected to fare well; lower input prices, improving cement prices and strong demand from infrastructure building.

The two sectors are also expected to benefit from consolidation and expansion in the industry at the top.

Brent Crude, which has been declining, hit the lowest levels of $60 per barrel by 2025 end.

The commodity gained $10 by January 2026 end as US-Iran tensions flared and as the shipping lines were disrupted. Indian imports from Russia also declined supporting the spike in crude prices.

With tensions still ongoing, crude outlook will be higher. So, the margin impact should be monitored closely for domestic oil marketing companies. Gross refining margins which depend on downstream demand for petrochemicals is on an upward trajectory. But if crude prices rise and economic activity slows, refineries could witness a squeeze on refining margins.

Overall, the commodity outlook is mixed.

Base metals have corrected from the peak but could likely sustain at higher levels. Domestic steel and cement companies will benefit from demand and prices (input and output). Crude prices could spike which can impact oil marketing companies and refineries negatively (if economy slows as well).

Funds & performance

The two relevant indices, Nifty Metal and Nifty Commodities, have performed in line with the broader Nifty 50, returning an average 5-year CAGR of around 13.5 per cent in the last decade measured on a daily rolling return basis.

But over shorter 3-year and 1-year timeframes, Nifty Metal has outperformed, returning an average rolling return of 17 per cent and 27 per cent respectively compared to Nifty 50’s 13.6 per cent and 14.3 per cent and Nifty Commodity’s 15 per cent and 19 per cent respectively. This reiterates the cyclical nature of returns in commodities and the importance of timing entry and exit.

The four funds examined, that are tracking the sectors, delivered well compared to the indices as shown in the table. Amongst the four, DSP Natural Resources & New Energy fund has outperformed in the period of its operations.

While ICICI Pru Commodities fund and Tata Resources & Energy have also delivered well, so did the indices in their respective periods.

Steel sector leads portfolio allocation across funds at 17-25 per cent by weights in Jan 2026. But, Tata Resources leads with cement portfolio at 17 per cent allocation followed by steel at 12 per cent in January 2026. DSP Natural fund has increased weights to oil in January 2026 at 14 per cent and reduced exposure to petroleum products at 10 per cent.

Published on February 28, 2026

Source link

« Older Entries

Next Entries »

Times Top News

Times Top News

Recent Posts

Recent Comments