Latest news with #RishabhNahar
Mint
4 days ago
- Business
- Mint
Gold prices today in your city: Check prices in Mumbai, Bengaluru, Chennai, Hyderabad, New Delhi and Kolkata on June 5
Gold, silver prices in your city, June 5: Gold has jumped due to uncertainty over the US-China tariffs deal, geopolitical uncertainity in Europe (Russia-Ukraine war), and anticipation ahead of the US Fed rate decision. Overall, since January, gold has given 25 per cent returns, year-on-year (YoY), this number is 40 per cent. Further, it has also returned 15 per cent CAGR since 2001, and beaten inflation by more than 2-4 per cent since 1995, data shows. Meanwhile, Silver prices crossed the ₹ 1 lakh/kg mark as investors flocked to safe haven commodities to secure their portfolios. According to Rishabh Nahar, Partner and Fund Manager at Qode Advisors, maintining 5-10 per cent allocation in gold is adviced. 'This positioning serves as an effective hedge against inflation, negative real rates, and geopolitical uncertainty. We recommend adding to positions on meaningful pullbacks, as even a modest allocation can help dampen the volatility of an equity-heavy portfolio,' he added. Prices opened in the green at 7.20 am on June 5. The MCX gold index was at ₹ 96,806/10 gm, the official website showed. Meanwhile, MCX silver prices were at ₹ 1,01,412/kg, it showed. Further, 24-carat gold was priced at ₹ 97,940/10 gm, according to data on the Indian Bullion Association (IBA) at 7.20 am on June 5. Further, 22-carat gold was priced at ₹ 89,778/10 gms. And, silver prices today are at ₹ 1,01,710/kg (Silver 999 Fine), as per the IBA website. So, check here for prices of gold and silver in your city today on June 5 — Delhi, Kolkata, Mumbai, Hyderabad, Bengaluru, and Chennai. Notably, for retail customers, jewellers may add making charges, taxes and GST to the bill, which could hike the final price for you. Gold bullion rates in Mumbai — ₹ 97,770/10 gm. MCX Gold rate in Mumbai — ₹ 96,806/10 gm. Silver bullion rate in Mumbai — ₹ 1,01,530/kg. MCX Silver 999 rate in Mumbai — ₹ 1,01,710/kg. Gold bullion rates in Chennai — ₹ 98,050/10 gm. MCX Gold rate in Chennai — ₹ 96,806/10 gm. Silver bullion rate in Chennai — ₹ 1,01,820/kg. MCX Silver 999 rate in Chennai — ₹ 1,01,710/kg. Gold bullion rates in Kolkata — ₹ 97,640/10 gm. MCX Gold rate in Kolkata — ₹ 96,806/10 gm. Silver bullion rate in Kolkata — ₹ 1,01,390/kg. MCX Silver 999 rate in Kolkata — ₹ 1,01,710/kg. Gold bullion rates in Hyderabad — ₹ 97,930/10 gm. MCX Gold rate in Hyderabad — ₹ 96,806/10 gm. Silver bullion rate in Hyderabad — ₹ 1,01,610/kg. MCX Silver 999 rate in Hyderabad — ₹ 1,01,710/kg. Gold bullion rates in Bengaluru — ₹ 97,850/10 gm. MCX Gold rate in Bengaluru — ₹ 96,806/10 gm. Silver bullion rate in Bengaluru — ₹ 1,01,530/kg. MCX Silver 999 rate in Bengaluru — ₹ 1,01,710/kg. Gold bullion rates in New Delhi — ₹ 97,600/10 gm. MCX Gold rate in New Delhi — ₹ 96,806/10 gm. Silver bullion rate in New Delhi — ₹ 1,01,270/kg. MCX Silver 999 rate in New Delhi — ₹ 1,01,710/kg. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
4 days ago
- Business
- Mint
Expert view: Market valuation looks stretched; maintain a 5–10% allocation to gold, says Rishabh Nahar of Qode Advisors
Expert view on markets: Rishabh Nahar, Partner and Fund Manager at Qode Advisors, is reducing the overall market exposure and shifting focus to select unique stock ideas where he still sees strong earnings momentum and low volatility, offering a good balance of risk and reward. In an interview with Mint, Nahar shares his views on market valuations, sectors to watch and strategy for gold. Here are edited excerpts of the interview: We are watching the post-Q1 rebound not just as a statistical uptick, but as confirmation of our momentum signals realigning after a brief drawdown. The 4 per cent YTD (year-to-date) gain in the Nifty 50 versus nearly 10 per cent in the S&P 500 and nearly 8 per cent in MSCI EM tells us that Indian mid- and small-caps were oversold earlier in the year. Once breadth improved and volatility cooled, our trend-following algorithms signalled a switch from defensives back into risk-on trades, which helped us capture that steady grind higher through May. Looking ahead, I expect this orderly advance to persist so long as corporate earnings surprises remain positive and global macro risks stay contained. From a risk‐management standpoint, we'll maintain a modest volatility skirt around key support levels and hedge if our downside‐break thresholds are breached, but for now, the models favour staying long the market's run. On valuations, our factor overlays highlight that forward PEs near 20 times sit at multi-year highs, which historically compress future excess returns. Quantitatively, this means our valuation screens are flagging fewer new buys at the index level, and instead we're tilting toward sectors where our earnings-growth forecasts outpace implied growth baked into current prices. In practice, we're lowering our broad‐market risk budget and reallocating it to idiosyncratic ideas, where our earnings‐revision models and low‐volume screens still show attractive risk–reward profiles. In sum, while broad-market returns may settle into mid-single digits from here, a disciplined factor blend and rigorous risk controls should allow us to outperform that baseline. Quarter-four earnings paint a picture of breadth rather than brilliance. Across the top 500 listed companies, median profit after tax advanced roughly 10 per cent quarter-on-quarter while sales rose about 5 per cent, with 69 per cent of firms posting positive profit growth. Crucially, the dispersion favoured the interior of the market-cap curve: mid- and small-cap names delivered profit growth north of 20 per cent, versus low-single-digit advances for large-caps. Factor diagnostics we run internally, profit revision momentum, sales acceleration, and operating-leverage screens, confirm that the earnings pulse is strongest in capital goods, select metals, and telecom, where pricing power and execution gains are translating cleanly into cash flow. At the index level, the Nifty 100 'beat-or-meet' ratio has climbed back to 51 per cent, the best reading since mid-2023. This indicates that analysts' downgrades earlier in the year have finally reset the bar to achievable levels. Taken together, the quarter shows that profit growth is broad-based enough to sustain the cycle, but not yet explosive enough to justify fresh multiple expansion on its own. Looking ahead, the market's next leg higher still hinges on a handful of catalysts that are measurable in our models but uncertain in their timing. Foremost is monetary policy: with headline CPI drifting below the Reserve Bank of India's 4 per cent midpoint, the window has opened for an initial 25- to 50-basis-point cut; a sustained easing cycle would lower discount rates and support rate-sensitive factors such as quality growth and housing proxies. A second variable is the monsoon, which the IMD now projects at 106 per cent of the long-period average. Early rainfall could revive rural purchasing power and lift two-wheeler, FMCG and agro-inputs volumes into the festival season. Third, clarity on US-India trade rules, especially around technology transfer and critical minerals, would help de-risk export-linked earnings streams. Finally, corporate capex intent remains high on survey data but is yet to translate into hard spend; a visible pick-up in order books would underpin earnings trajectories for FY 26-27. Valuations, meanwhile, leave little cushion: the Nifty trades near 22 times forward earnings, or roughly one standard deviation above its decade average, so any disappointment on these triggers could compress multiples. That is why, despite our constructive three- to five-year view on India's structural story, we continue to run fully invested but factor-balanced books tilting toward companies with improving earnings revision momentum, clean balance-sheets and demonstrable pricing power, while hedging outliers through disciplined risk overlays rather than trying to time six- or twelve-month index levels that, in truth, no one can consistently forecast. The Indian defence industry has demonstrated strong engineering capabilities in recent military operations and benefits from steady domestic demand alongside growing export opportunities. While the military-industrial complex is well-positioned to become a significant contributor to the economy, it is challenging to determine whether this optimism is already reflected in current valuations and whether the sector can deliver truly outsized returns going forward. We no longer distinguish between PSU and private banks—both segments have delivered strong returns in the past when operating performance was robust and valuations were attractive. Our focus today is on identifying banks whose future growth prospects are meaningfully underappreciated by the market. At this juncture, we do not see any banking stocks offering that degree of asymmetry. While many banks remain solid businesses, none currently meet the elevated return expectations or risk–reward thresholds we require for new convictions. One compelling growth driver is the ongoing US–China trade tensions, which have spurred higher import tariffs and stricter regulatory scrutiny on Chinese pharmaceutical suppliers. India's well-established API manufacturing base, combined with a rising focus on differentiated products and biosimilars, positions Indian pharma companies to capture these displaced volumes in regulated markets. By moving up the value chain—from pure generics to high-complexity formulations and speciality injectables—Indian firms can secure premium pricing, deepen customer relationships, and meaningfully increase their US market share over the next two years. We advocate maintaining a 5–10 per cent strategic allocation to gold across all time horizons. This positioning serves as an effective hedge against inflation, negative real rates, and geopolitical uncertainty. We recommend adding to positions on meaningful pullbacks, as even a modest allocation can help dampen the volatility of an equity-heavy portfolio. Read all market-related news here Read more stories by Nishant Kumar Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.
Economic Times
23-05-2025
- Business
- Economic Times
ETMarkets PMS Talk: India's growth + global devaluation = next bull market - Qode's FY26 outlook
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's structural growth story combined with the looming threat of global currency devaluation could be the perfect recipe for the next big bull run in equities, says Rishabh Nahar, Partner and Fund Manager at Qode Advisors, in this edition of ETMarkets PMS an exclusive interaction, Nahar shares how Qode's quant-driven strategies helped their Tactical and All Weather Funds outperform the BSE 500 TRI in a strong emphasis on risk management , data-backed decision-making, and selective risk-taking, Qode's approach focuses on consistent outperformance, particularly during volatile or bearish managing downside through gold and puts, to identifying high-conviction growth stocks, Nahar explains why volatility isn't risk—and why India is uniquely positioned for long-term equity market gains as global macro headwinds continue to shift. Edited Excerpts –A) We specialise in risk management, and that played out well for us. We protect the portfolios with an element of gold as well as protection using puts. We were rewarded because of having these positions and Qode All weather and Tactical portfolios are pure quant portfolios designed to outperform during bear markets. We have a strong risk management framework in place. Since last year, markets (especially mid- and small-caps) have been elevated, and we were in a risk-off in the last few months have we taken some risk on these portfolios. All these decisions are not made subjectively. We have a pure data-driven approach and have done extensive testing with a deep understanding of markets.A) Our portfolios are designed to weather bad months or large amounts of volatility. The Qode All Weather, as the name suggests, is designed to see lower drawdowns and outperform during bad did not make any tactical changes, since we are a quant fund our models are designed taking years of data that have seen situations like this in the past.A) With all weather and tactical, we try to maintain a low beta, but when markets are beaten down and businesses are available at attractive valuations, we are willing to take on risk. We are not afraid to take risk- when the situation is favourable. Our outperformance will come by protecting downside in bad years. To explain this, here is a simple example:The above table easily shows how drawdowns could affect your returns.A) With Qode Growth Fund and Qode Future Horizons, we are looking at buying businesses that are showing strong earnings momentum. In the Growth Fund, we hold a 30-stock portfolio with an average market cap of 8000 are fairly strong businesses that have shown great execution capabilities in the past. But due to the size of the businesses being smaller, the stock price sees more Future Horizon, we are looking to hold 10-12 fundamentally strong businesses with immense growth potential. This is a more concentrated portfolio because we have a lot of conviction in our understand the business in depth and take a large position in each of them. Because of the larger position sizes, the volatility is higher, but we do not consider volatility as risk.A) Qode Growth Fund, Qode All Weather and Qode Tactical are pure quant funds. Businesses and ETFs are picked based on factors that we think lead to EPS are three pillars we work around: 1. What to buy (fundamentally strong businesses) 2. When to buy (Valuations) and 3. How much to buy (position sizing)All our quant models are built around this framework. All three strategies are built with a data-driven fourth strategy, Qode Future Horizon – we are looking at a quantamental framework because there are lots of great businesses with scattered data or data that's not look to meet the management and understand the business by taking a deep dive individually in each business.A) Our macro view remains fixed at the growth story for India and Equity markets. With the US debt crisis coming closer, a large amount of US debt is maturing in the next four years. Money printing and devaluation will be a large factor for equities to do money printing/devaluation plus a strong position for India will fuel the next bull market . Having exposure to assets like equities/gold and real estate (mostly land) will be a key component for individuals to maintain/grow their wealth.A) We refrain from having such a short-term outlook because markets are a complex place, and in the short run, factors like demand/supply, war, and trade policies will have a larger impact on their movement. Even if we could model all these factors there is no significant upside for anyone to have a view on the markets for a quarter or two.A) We are sector/ theme agnostic. We look for fundamentally strong businesses that have a long runway for earnings growth and promoters that have excellent execution like to own owner-operated businesses with strong brand names and high ROCE's. Most of the businesses we own are completely debt-free and have had a strong earnings momentum.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Time of India
23-05-2025
- Business
- Time of India
ETMarkets PMS Talk: India's growth + global devaluation = next bull market - Qode's FY26 outlook
India's structural growth story combined with the looming threat of global currency devaluation could be the perfect recipe for the next big bull run in equities, says Rishabh Nahar, Partner and Fund Manager at Qode Advisors, in this edition of ETMarkets PMS Talk. In an exclusive interaction, Nahar shares how Qode's quant-driven strategies helped their Tactical and All Weather Funds outperform the BSE 500 TRI in April. With a strong emphasis on risk management , data-backed decision-making, and selective risk-taking, Qode's approach focuses on consistent outperformance, particularly during volatile or bearish phases. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. From managing downside through gold and puts, to identifying high-conviction growth stocks, Nahar explains why volatility isn't risk—and why India is uniquely positioned for long-term equity market gains as global macro headwinds continue to shift. Edited Excerpts – Q) Thanks for taking the time out. Qode's Tactical Fund and All Weather Fund outperformed the BSE 500 TRI in April — what were the key drivers of this strong performance? by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: 1 simple trick to get all TV channels Techno Mag Learn More Undo A) We specialise in risk management, and that played out well for us. We protect the portfolios with an element of gold as well as protection using puts. We were rewarded because of having these positions and exposure. The Qode All weather and Tactical portfolios are pure quant portfolios designed to outperform during bear markets. We have a strong risk management framework in place. Since last year, markets (especially mid- and small-caps) have been elevated, and we were in a risk-off mode. Only in the last few months have we taken some risk on these portfolios. All these decisions are not made subjectively. We have a pure data-driven approach and have done extensive testing with a deep understanding of markets. Live Events Q) What changes or tactical adjustments were made during April that contributed to portfolio resilience? A) Our portfolios are designed to weather bad months or large amounts of volatility. The Qode All Weather, as the name suggests, is designed to see lower drawdowns and outperform during bad times. We did not make any tactical changes, since we are a quant fund our models are designed taking years of data that have seen situations like this in the past. Q) With relatively low beta across the board, how does Qode manage downside risk while still seeking meaningful returns? A) With all weather and tactical, we try to maintain a low beta, but when markets are beaten down and businesses are available at attractive valuations, we are willing to take on risk. We are not afraid to take risk- when the situation is favourable. Our outperformance will come by protecting downside in bad years. To explain this, here is a simple example: Agencies The above table easily shows how drawdowns could affect your returns. Q) Qode Growth and Future Horizons have slightly higher standard deviations — is this due to increased sectoral concentration or style tilt? A) With Qode Growth Fund and Qode Future Horizons, we are looking at buying businesses that are showing strong earnings momentum. In the Growth Fund, we hold a 30-stock portfolio with an average market cap of 8000 crores. These are fairly strong businesses that have shown great execution capabilities in the past. But due to the size of the businesses being smaller, the stock price sees more volatility. With Future Horizon, we are looking to hold 10-12 fundamentally strong businesses with immense growth potential. This is a more concentrated portfolio because we have a lot of conviction in our picks. We understand the business in depth and take a large position in each of them. Because of the larger position sizes, the volatility is higher, but we do not consider volatility as risk. Q) How do you pick stocks? A) Qode Growth Fund, Qode All Weather and Qode Tactical are pure quant funds. Businesses and ETFs are picked based on factors that we think lead to EPS growth. There are three pillars we work around: 1. What to buy (fundamentally strong businesses) 2. When to buy (Valuations) and 3. How much to buy (position sizing) All our quant models are built around this framework. All three strategies are built with a data-driven approach. Our fourth strategy, Qode Future Horizon – we are looking at a quantamental framework because there are lots of great businesses with scattered data or data that's not structured. We look to meet the management and understand the business by taking a deep dive individually in each business. Q) The April edition highlights 'Steady in the storm, stronger in the sunrise' — how does this reflect your macro view heading into FY26? A) Our macro view remains fixed at the growth story for India and Equity markets. With the US debt crisis coming closer, a large amount of US debt is maturing in the next four years. Money printing and devaluation will be a large factor for equities to do well. So, money printing/devaluation plus a strong position for India will fuel the next bull market . Having exposure to assets like equities/gold and real estate (mostly land) will be a key component for individuals to maintain/grow their wealth. Q) What is your outlook for equity markets in Q1 FY26, and how are you positioning your portfolios in response? A) We refrain from having such a short-term outlook because markets are a complex place, and in the short run, factors like demand/supply, war, and trade policies will have a larger impact on their movement. Even if we could model all these factors there is no significant upside for anyone to have a view on the markets for a quarter or two. Q) Are there any sectors or themes you are overweight or underweight in currently, and why? A) We are sector/ theme agnostic. We look for fundamentally strong businesses that have a long runway for earnings growth and promoters that have excellent execution capabilities. We like to own owner-operated businesses with strong brand names and high ROCE's. Most of the businesses we own are completely debt-free and have had a strong earnings momentum.
Time of India
30-04-2025
- Business
- Time of India
We should be ready for some pullbacks; go for value theme in 4 sectors: Rohit Srivastava
Rohit Srivastava , Founder, Strike Money Analytics & Indiacharts , suggests preparing for midcap and smallcap underperformance until valuation consolidation occurs, favoring stocks with clear growth. A shift towards largecaps and outperforming sectors like banking and PSUs is expected to persist. Value themes in financials, PSUs, and metals, alongside interest rate-sensitive sectors like automobiles and realty, are anticipated to gain traction due to stable to accommodative interest rates. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What is the best way to earn $2,700 per week as a second income? News Portal Learn More Undo What are you making of the market moves we are seeing today? There is no move at all. We are totally lacklustre and very range-bound. Given the kind of outperformance that Indian markets have seen recently, do you believe this is the start of a little bit of a correction or do you believe this is just a one-off and we could see better days going ahead? Rohit Srivastava : It has been a long rally. At some point of time we will come to the end of at least the first leg. What I mean by that is that on a six-month basis, we probably are in an uptrend, but every uptrend will have ups and downs and once we complete this first leg, then we can actually get the first meaningful pullback. Now, have we already reached that point? It is slightly hard to say because we are not really seeing a clear-cut breakdown in the Nifty. I can say that we are in the final stage of the up move from where that can happen. But we will have to watch it for a day or two for an actual price reversal to be able to say that okay now the pullback has actually started. To do that, we probably look at 24,200 levels could be one important support. If we break 24,200, then possibly we could start somewhat of a corrective phase. As long as we are holding that, there is always the possibility that it will still stretch a little more towards maybe 24,600 before that happens or maybe even a little higher. So, keeping some upside open, watching if prices actually break and confirm a reversal, once we do get a reversal, then we will look for a retracement of the entire rise that we have seen from 21,700, so that will be more meaningful, maybe more time based, but as of now we are just waiting and watching what happens. Live Events You Might Also Like: 'Equities are no longer optional': Qode's Rishabh Nahar on navigating market uncertainty with quant strategy Talk to us about the banking pack as well because Nifty Bank especially the PSU bank have been a clear outperformer, but today we saw a bit of a reversal coming in in the banking pack. In fact, the financial pack is getting weighed down by the Bajaj twins today, but on technicals, what do you make of Nifty Bank? Rohit Srivastava: Banking itself is made up of private sector banks. The weakness you are seeing is coming from the NBFC space. Initially Shriram Finance reported poor results. Now the Bajaj Group is doing the same and that is causing a pullback. But if you look at the last year's results on an ongoing basis, this is a sector that had been outperforming as well. So, it could be something that we are seeing temporarily, but in the short term it is causing a pullback. Now, financials have also been outperforming and therefore what we are really looking at is that at each stage, whenever there is a pullback, we really make a higher bottom than the last time. For example, the last time we were at 41,154 and we have actually moved up to 55,000. There was a case it could have gone on till 56,500. Now, we will watch key supports closer to around 54,800. If that does not break, there is a possibility we can still head towards 56,500. If that does break, then we will probably see a pullback of this rally from 49,200 and some retracement but eventually, that should give us a bottom that is higher than the previous one at 49,200. So that is the overall progress that slowly and steadily we move higher in the medium-term, but in the short term, we need to be ready for some pullbacks as we have had a strong up move. What about the broader end of the market? On the fundamental side, lots of actions are coming in on the earnings front on the mid and the smallcap space. But on the charts, how are you seeing the SMIDs placed right now because we have seen the midcap and smallcap have been underperforming the benchmarks, which is not a trend that we usually saw in the leg up before the correction in August or September last year. We are seeing a little bit of trend reversal. Rohit Srivastava: While the midcaps and smallcaps move up and down with the market, the expectation has been for quite a while that they will underperform the rest of the market. Now, underperforming means in the end, they go up less and that largecaps end up doing better. Basically, the outperformance of the midcap, smallcap has gone away and it might be a trend that we might see for several months before it changes – may be – in a year. You Might Also Like: Short-term geopolitical jitters may pause market, but earnings will regain focus: Nischal Maheshwari So, we have to be a little prepared to see underperformance on the midcap, smallcap side for quite some time till there is further consolidation in the valuations. It may only be stocks that are able to show clearcut growth that might do well in this phase. At a very broad level, the shift has been towards largecaps that are seeing outperformance and that will continue. We will continue to see segments like banking outperform, PSUs which we have seen do well, will hold out much better than the midcaps and smallcaps. What are the pockets of value for you? What are the sectors you are bullish on right now in this next leg once the correction is over? Also, what sectors are you bullish on? Rohit Srivastava: There are two themes; one is a value theme where you look for undervalued segments of the market that did not get overpriced in the last rally and have corrected quite a bit and second is interest rate sensitive stocks because we are now entering a phase where the interest rate cycle has turned from rising interest rates to stable interest rates. We are now into accommodative interest rates as per the RBI policy which means that interest rates and bond yields will continue to go down and that will bring down the cost of borrowing and thus push interest rate sensitive sectors. In the value sectors, I would say on top is the financials followed by PSUs and after that, I will put metals and on the side of interest rates, it is automobiles and realty which will get some attention over time. You mentioned autos and realty. Auto, of course, on the back of the tariff reduction from the US. So, that is largely fundamental. But what is driving this surge that we are seeing in the Nifty realty index today? After quite some time, we have seen this index find its footing and once again outperform the market. How sustainable is it? Rohit Srivastava: Near-term, there is still a case for some more consolidation in the realty sector till lower rates are able to stimulate enough demand for especially housing in the lower cost region. So, giving it a quarter, if you slightly look outside a quarter then realty will be set to outperform as rates continue to come down and demand starts coming back. That is how you will have to look at it. Keep a slightly high time horizon. The bump up today might be just performance happening for a day, but in the short term, it can also pull back with the rest of the market and we should keep that in mind. But serious outperformance of the sector would probably happen a quarter or two down the line.
