Ventura said US markets ended marginally higher, but Gift Nifty indicates a negative start for Indian equities. Options data shows key resistance for Nifty at 26,000 and support at 25,500, with a PCR of 1.06, while Sensex and Bank Nifty PCRs remain above 1. Sectorally, PSU banks, realty and oil & gas led gains, whereas auto stocks saw selling pressure.

Ventura’s NS Ramaswamy said that despite recent volatility, the broader disinflation trend and expectations of US rate cuts keep the long-term outlook for gold constructive. He noted that a weaker US dollar and upcoming FOMC minutes and PMI data will be key triggers for the next move. On silver, Ramaswamy said the metal is in an accumulation phase and approaching a critical time cycle, with a decisive breakout potentially signalling a broader expansion. He added that seasonal factors may be amplifying short-term swings.

Ventura said the recent IT selloff reflects AI-led disruption fears, but also marks a structural transition in the sector. Vinit Bolinjkar noted that companies such as TCS, Infosys, HCL Tech and Wipro are moving from a headcount-led model to an outcome-led, IP-driven model, embedding AI into delivery and deal wins. He indicated that while legacy revenue pools may face pressure, scalable AI monetisation and execution strength will differentiate leaders.

Ventura said the ongoing IT selloff reflects fears around AI disrupting traditional outsourcing models, but also marks a structural transition. Vinit Bolinjkar noted that the industry is moving from a headcount-led model to an outcome-led, IP-driven model as firms integrate AI into delivery and service offerings. He indicated that the shift could reshape revenue models even as near-term volatility persists.

Ventura said the sharp correction in IT stocks reflects a valuation reset rather than a structural breakdown. Vinit Bolinjkar noted that while AI is disrupting headcount-based models, it is also creating demand for AI orchestration and governance, making this phase a selective long-term entry opportunity for investors.

Ventura said continued central bank accumulation of gold could sustain the metal’s longer-term rally despite recent volatility. Vinit Bolinjkar, Head of Research at Ventura, noted that global central banks are increasing gold purchases to reduce exposure to the US dollar, providing structural support to prices even as broader market sentiment cautiously improves.

Ventura said the ongoing selloff in IT stocks reflects a mix of knee-jerk reaction and real concerns around AI-led disruption. Vinit Bolinjkar, Head of Research at Ventura, noted that AI automation directly targets labour-heavy business models of top Indian IT firms, potentially impacting billable hours and headcount. He indicated that these structural challenges are adding to pressure from weak global discretionary spending.

Ventura’s Juzer Gabajiwala termed the STT hike on F&O as “damage control disguised as reform,” arguing that higher taxes may not curb speculative behaviour. He cautioned that the move could disproportionately hurt low-risk arbitrage strategies that rely on thin spreads and frequent trades. According to him, higher STT compresses already tight margins for arbitrage funds, potentially impacting market liquidity and efficiency. He questioned whether taxation alone can meaningfully alter speculative trading habits.

Ventura highlighted Fractal Analytics’ diversified revenue profile, improving profitability and strong enterprise AI capabilities as key positives for the IPO. It noted that the company has built scale with global clients and has seen margin expansion following its return to profitability. However, Ventura cautioned that dependence on large global clients, high exposure to the US market and rapid changes in AI regulation pose execution risks. The brokerage recommended the issue for investors with a medium- to long-term investment horizon.

Ventura reiterated its ‘buy’ rating on YES Bank with a 24-month target price of ₹32, even as the stock traded largely flat following recent disclosures. The brokerage remains constructive on the lender amid steady asset quality, improving profitability metrics, and progress on balance sheet clean-up, despite near-term consolidation in the share price.

Ventura projects the Nifty Smallcap 100 to reach 18,800–20,000 by year-end, implying a 10–20% upside from current levels, citing post-correction outperformance patterns and intact fundamentals in manufacturing and defence. While recent trade-related developments have triggered a mild rebound, Ventura said a sustained recovery will depend on FII inflows and broader earnings growth, rather than sentiment alone.

Ventura said the longer-term bullish momentum in precious metals remains intact, supported by structural diversification trends and sustained central bank buying, even after recent volatility. While silver ETFs led the rebound amid a weaker US dollar, Ventura cautioned that silver is likely to remain volatile in the near term, with a clearer recovery only on a decisive breakout above key resistance levels.

Ventura said faster revenue growth in the December quarter offers cautious optimism for an economic recovery, even as profit growth remains under pressure from rising costs. Vinit Bolinjkar, Head of Research at Ventura, noted that sustained profitability will depend on cost discipline and demand revival, adding that prospective EU and US trade deals could meaningfully lift revenues and margins in 2026.

Ventura said the sharp fall in silver ETFs was driven largely by higher collateral requirements and margin hikes, which forced traders to liquidate positions. NS Ramaswamy, Head of Commodity at Ventura, noted that silver had moved to overextended levels, with a stronger US dollar adding pressure, and advised a buy-on-dips, sell-on-rallies approach amid elevated volatility.

Ventura expects gold to cross its recent futures high of $5,645 in 2026, even as near-term volatility and speculative unwinding trigger sharp corrections. NS Ramaswamy, Head of Commodity at Ventura, said strong physical demand and long-term diversification trends support gold’s upside, though near-term direction will hinge on whether prices stabilise or remain volatile.

Ventura has reiterated a ‘hold’ rating on Suzlon Energy with a target price of ₹56, citing price competition, longer tender cycles and potential execution delays. The brokerage flagged cost pressures and execution risks as key factors that could weigh on margin stability and future order inflows despite the company’s strong market position.

According to NS Ramaswamy, Head of Research at Ventura Securities, the rebound in the gold–silver ratio from sub-45 levels to around 58 reflects a mean reversion after silver’s sharp correction. He said these levels act as a pivot for investors to rotate from silver into gold, which appears relatively cheaper at gold–silver ratio levels near 60. Ventura expects gold to outperform silver in the coming months.

Silver prices rebounded sharply after a steep correction, with MCX silver rising 6% intraday and silver ETFs gaining up to 9%. NS Ramaswamy, Head of Commodity at Ventura, said the sharp fall was driven largely by forced liquidations following margin hikes, which accelerated the price drop. He noted that silver is likely to trade in the $72–$78 range in the near term, with a decisive recovery only if prices break above $80. Over the longer term, Ventura expects higher prices to help rebalance supply-demand dynamics that had earlier supported the rally.

MCX Gold futures have reclaimed the ₹1,60,000 level after a sharp correction, supported by a weaker dollar and renewed buying interest, while prices remain over ₹30,000 below their all-time high. Ventura’s NS Ramaswamy remains bullish, projecting upside toward ₹1,80,000–₹2,00,000 if key resistance is breached, while cautioning that a failure to sustain above the ₹1,63,000–₹1,65,000 zone could trigger a corrective move.

YES Bank shares edged higher after the RBI approved Vinay Muralidhar Tonse as the bank’s new MD & CEO, a move seen as positive for leadership stability. The stock rose over 1% to ₹21.55, even as it has remained largely flat in 2026 so far. Ventura initiated coverage with a ‘buy’ rating and a ₹32 target, citing improving profitability, stable asset quality, better margins and scope for recovery in legacy NPAs, implying nearly 50% upside over the next 24 months.

NS Ramaswamy of Ventura Securities says the sharp rebound in gold and silver prices may mark a pivot point, with the gold–silver ratio recovering to around 60 after extreme moves. He notes that gold now offers a more favourable risk-reward profile versus silver and could outperform in the coming months as safe-haven demand remains elevated amid global uncertainty.

Ventura Securities says the India-US and India-EU trade agreements have structurally improved India’s export competitiveness, with an 18% reciprocal US tariff and near-zero duty access to the EU. Export-heavy sectors like textiles, chemicals and auto ancillaries are likely to see margin expansion and capacity growth, with Ventura identifying companies such as Trident, JK Tyres and SRF among key beneficiaries.

Ventura said the fall in promoter ownership below 50% marks a structural shift toward a more institutional and market-driven equity landscape. Vinit Bolinjkar, Head of Research at Ventura, noted that price discovery is increasingly driven by institutional flows and fundamentals, making markets more democratic and less dependent on insider control. He added that steady SIP inflows from domestic investors are acting as a volatility buffer, though this support could weaken if household financial stress rises.

Ventura Securities said the sharp fall in sovereign gold bonds after Budget 2026 highlights their reduced attractiveness following the withdrawal of capital gains tax exemption for secondary-market purchases. NS Ramaswamy, Head of Commodities at Ventura, noted that a key drawback of SGBs is compulsory redemption, forcing investors to reinvest in gold later. With the tax benefit gone, he suggested investors may increasingly prefer gold ETFs for better liquidity and flexibility.

Ventura said the rebound in gold and silver prices reflects technical recovery and position unwinding after an overextended rally, rather than a shift in fundamentals. NS Ramaswamy, Head of Commodity & CRM at Ventura, noted that gold’s long-term bullish trend remains intact, supported by strong central bank buying, ETF inflows and macro uncertainty. He expects continued volatility but sees gold eventually moving above recent highs, while silver may recover more gradually.

Ventura said the Budget 2026 proposal to remove interest deduction against dividend and mutual fund income was unexpected, especially given its limited scope. Juzer Gabajiwala, Director at Ventura, noted that only 20% of interest was earlier allowed as a set-off, making the overall impact marginal for most investors. He added that the move reflects excessive micro-management rather than meaningful tax simplification.

Ventura said the sharp swings in gold and silver prices reflect a corrective shakeout after an extended rally, not a reversal of the broader trend. NS Ramaswamy, Head of Commodity & CRM at Ventura, noted that gold’s long-term outlook remains bullish, supported by strong central bank buying, geopolitical risks and diversification demand. He expects gold to eventually surpass its recent highs once volatility subsides, while silver’s deeper correction is driven by margin-led unwinding. According to Ventura, silver may remain range-bound unless it sustains a decisive breakout above key resistance levels.

Ventura said the Union Budget met expectations by maintaining policy continuity rather than announcing big-bang reforms. According to Hemant Majethia, CEO & Founder of Ventura, the most notable positive was the defence sector, where proposals reinforced the government’s push for indigenisation and domestic manufacturing. This approach is expected to improve order visibility and support long-term earnings growth. Stocks such as Bharat Dynamics, Bharat Forge, Mazagon Dock and Garden Reach Shipbuilders stand to benefit from this sustained policy focus.

Ventura said the Union Budget 2026 stays focused on policy continuity rather than sweeping reforms, aligning with expectations of a stable macro framework. Hemant Majethia, CEO and Founder of Ventura, noted that defence has emerged as a clear beneficiary, with proposals reinforcing the government’s push for indigenisation and domestic manufacturing. He said this should improve order visibility and long-term earnings prospects for defence and allied companies. Overall, Ventura views the Budget as supportive of sustained growth without disrupting existing policy momentum.

Ventura expects infrastructure to dominate the Union Budget 2026, with Vinit Bolinjkar, Head of Research at Ventura, projecting a 10–15% rise in government capex to ₹12–12.5 lakh crore. He said every ₹1 spent on infrastructure delivers a ₹3 GDP impact, making it critical for long-term economic resilience amid global uncertainty. Bolinjkar also anticipates the launch of NIP 2.0, monetisation of PSU land banks, and innovative financing tools such as green bonds to improve fund flow. These measures are likely to strengthen order visibility and support sustained growth across the infrastructure ecosystem.

Ventura Securities has maintained a Buy rating on Adani Energy Solutions Ltd, setting a target price of ₹1,298 and implying a 53% upside from current levels. The brokerage said its positive view is driven by improving profitability, strong execution in the transmission business and rapid scaling of the smart metering segment, which is boosting margins and cash flows. Ventura expects robust CAGR growth in revenue, EBITDA and profits through FY28, with smart metering emerging as a key long-term profitability driver.

Kalyan Jewellers’ shares have come under heavy pressure amid sustained selling, with Ventura’s Vinit Bolinjkar attributing the decline to institutional exits, rising promoter pledges and weak market sentiment overshadowing strong Q3 FY26 performance. While Ventura highlighted healthy revenue growth, expansion plans and improving retail participation, it cautioned that near-term volatility may persist until promoter-related concerns ease and selling pressure subsides, even as other analysts note reasonable valuations and sector-wide headwinds.

Vinit Bolinjkar, Head of Research at Ventura, said markets will closely track the government’s fiscal discipline, capital expenditure push and divestment roadmap in Union Budget 2026, as these will influence liquidity, bond yields and equity sentiment. Bolinjkar expects a capex outlay of ₹12–13 lakh crore to drive multipliers across infrastructure, capital goods, power, cement and steel, while strong PSU divestment could ease borrowing pressures. He added that clarity on transfer pricing, IFSC incentives, startup tax holidays and MAT exemptions could help attract higher FDI and FPI inflows post-Budget.

Vinit Bolinjkar, Head of Research at Ventura, said Indian equities remain volatile due to sustained FII outflows, US tariff-related uncertainty and global risk-off sentiment, though he remains cautiously optimistic on Nifty EPS growth of 8–16%, the strongest in eight quarters. Bolinjkar said banking, BFSI, consumption, defence, manufacturing, green energy, IT and telecom offer attractive medium-term opportunities, supported by credit growth, capex recovery, rural demand, renewables expansion and technology-led growth, even as elevated valuations and global risks cap near-term upside.

Ventura remains constructive on gold despite a sharp correction in gold ETFs, with NS Ramaswamy, Head of Commodity at Ventura, saying pullbacks from overbought levels are allocation opportunities. He noted that gold is entering 2026 with strong momentum, supported by accommodative monetary policy, sustained safe-haven demand, steady ETF inflows, central bank diversification away from US assets, and a weaker dollar, even as near-term volatility persists.

Ventura Securities has maintained a ‘Buy’ rating on YES Bank with a target price of Rs 32, implying a 47% upside over the next 24 months, citing strong Q3 results driven by margin expansion, sharply lower provisions and improved asset quality. The brokerage highlighted the rise in RoA to 0.9% and RoE to 7.7%, aided by better NIMs, higher fee income and tighter cost control, while flagging risks around credit growth, interest costs, asset quality and uncertainty on dividend resumption.

Ventura Securities said that while elevated capex and leverage could weigh on Adani Enterprises’ return ratios over the next 3–5 years, a strong rebound is likely over the longer term as high-margin businesses such as airports, green hydrogen, data centres and copper scale up. The brokerage expects consolidated revenue and EBITDA to grow at CAGRs of 17.4% and 18.7%, respectively, with margin expansion supporting sustained value creation.

Ventura’s NS Ramaswamy said gold and silver prices have surged to record highs on the back of rising global uncertainty, driven by US–Europe tensions, tariff threats and President Donald Trump’s push to acquire Greenland. He added that persistent geopolitical risks are keeping safe-haven demand strong, supporting the ongoing bull run in precious metals and related ETFs.

Ventura Securities’ Vinit Bolinjkar said global trade and tariff developments remain a key overhang for foreign investors, noting that clarity on an India–US trade deal could revive sentiment. He expects an agreement to be signed between March and June, adding that easing global pressures could help FPIs re-engage more meaningfully with Indian equities.

Ventura’s NS Ramaswamy said gold’s surge past ₹1.5 lakh is being driven by intensifying geopolitical risks, tariff threats and sustained safe-haven demand. He added that a sharp depreciation in the rupee, with USD/INR trading above 91, is amplifying domestic gold prices, creating a powerful dual tailwind for Indian investors.

Ventura has initiated coverage on YES Bank with a buy rating and a price target of ₹32.1, implying a 42% upside, saying the lender has moved beyond a turnaround phase into an early-cycle compounding opportunity. Ventura highlighted improving profitability, stable asset quality, stronger governance aided by SMBC, and a strategic focus on retail and SME lending as key drivers of sustainable growth, while flagging interest rate and credit cost risks.

Vinit Bolinjkar, Head of Research at Ventura Securities, said Reliance Industries’ long-term outlook remains strong, with renewable energy likely to be the next key growth driver, and termed recent concerns as only a “small setback.” He added that Ventura remains positive on RIL, while staying cautious on Avenue Supermarts (DMart) and Trent due to valuation concerns despite decent performance. Bolinjkar also said Ventura remains circumspect on IT stocks, citing the lack of strong positive triggers and elevated risks, even though the sector has outperformed the broader market.

Juzer Gabajiwala, Director at Ventura, said that small and midcap mutual fund schemes have continued to see healthy traction despite muted performance in 2025. According to him, this reflects growing investor awareness, with more participants adopting a buy-on-dips approach rather than exiting due to short-term volatility.

Ventura Securities has given a ‘subscribe’ rating to the Bharat Coking Coal IPO, highlighting the company’s stable operating performance supported by assured offtake from regulated customers and Coal India’s pricing framework. Ventura also noted BCCL’s focus on operational efficiency, yield improvement through coal washing, and environmental remediation of legacy fire-affected mining areas.

Vinit Bolinjkar, Head of Research at Ventura Securities, said the government’s decision to cap Vodafone Idea’s annual dues provides near-term “ease of life” and reflects continued government backing, which supports the company’s survival prospects. However, he remains cautious, stressing that Vodafone Idea still needs a clear funding roadmap and a credible growth strategy, particularly to support upcoming 5G investments.

Vinit Bolinjkar, Head of Research at Ventura Securities, believes 2026 will remain a stock-picker’s market and recommends five long-term ideas—Royal Orchid Hotels, Paytm, V-Mart Retail, CESC and DCB Bank. He expects these companies to benefit from strong sectoral tailwinds, expansion-led growth and improving profitability, with potential upside ranging from 25% to as much as 76% over the medium term.

Ventura Securities has initiated coverage on Baazar Style Retail with a buy rating and a target price of ₹364, implying a 41% upside. Ventura expects revenue to grow at a 26.6% CAGR till FY28, driven by rapid store additions, rising footfalls, higher private-label penetration and better space utilisation, which should lift sales productivity and unit economics over the medium term.

Vinit Bolinjkar of Ventura Securities says railway stocks are gaining momentum on fare hikes and expectations of a ₹1.3 trillion capex push in Union Budget 2026. He advises a selective approach, highlighting RVNL as a top pick on a strong order book, IRFC for stable, low-risk upside, and names like IRCON, IRCTC and Titagarh for their execution strength and niche positioning.

Vinit Bolinjkar of Ventura Securities believes the sharp early-2026 rally in Adani Group stocks warrants a selective approach rather than across-the-board buying. He remains positive on Adani Enterprises, citing its diversified business model and long-term growth visibility, and has maintained a buy rating with a target of ₹3,433. However, Bolinjkar advises investors to stay stock-specific and valuation-conscious across the broader Adani pack, as several counters still face execution and volatility risks despite the recent bounce.

Juzer Gabajiwala of Ventura Securities recommends investing ₹10 lakh in 2026 through a clear risk-based framework. He suggests diversified allocations across equity, international equity, and gold–silver for conservative, moderate, and aggressive investors, with higher equity exposure for those with greater risk appetite and limited or no debt allocation for aggressive portfolios.

Vinit Bolinjkar of Ventura Securities said the five-year moratorium on AGR dues offers Vodafone Idea crucial recovery time and near-term cash-flow relief. However, he noted that markets were expecting a waiver, which did not materialise, leading to investor disappointment and pressure on the stock.

Vinit Bolinjkar of Ventura Securities said the rally in defence stocks has been driven by a record defence budget of ₹6.81 lakh crore, strong export growth of around ₹21,000 crore in FY25, multi-year order books and policy stability under Make in India. Despite interim corrections, these factors helped the Nifty India Defence Index deliver solid returns. For investors, Ventura prefers selective exposure, naming Astra Microwave, Bharat Electronics and Hindustan Aeronautics as its top defence picks backed by exports, order visibility and long-term growth drivers.

Vinit Bolinjkar–led research at Ventura Securities views Suzlon Energy as a structurally strong wind energy player but sees limited upside in the near term. Ventura noted that rising execution risks at current valuations have tempered upside potential, with most positives already priced in. The brokerage has maintained a ‘hold’ rating on the stock with a target price of ₹56.

Vinit Bolinjkar of Ventura Securities said the Reliance Jio IPO is likely to be one of the most closely watched market events in 2026. Reviewing 2025 listings, he highlighted Meesho as a strong performer while noting that Tata Capital disappointed post listing despite high grey market buzz. Bolinjkar cautioned that rich IPO valuations demand careful scrutiny of fundamentals, adding that quality companies can still offer post-listing opportunities, as seen in ICICI Prudential AMC. For 2026, he expects chemicals, FMCG, energy and commodity-linked sectors to remain key areas of focus for investors.

NS Ramaswamy of Ventura Securities said silver prices could rise a further 18% from current levels in 2026, supported by strong industrial demand, a smaller and price-inelastic market, and constrained supply. He noted that while silver is likely to outperform gold in the near term, it comes with significantly higher volatility. Ramaswamy added that gold offers stability and wealth preservation, whereas silver suits traders seeking higher growth, making a mix of both appropriate depending on risk appetite and investment horizon.

NS Ramaswamy of Ventura Securities said silver has the potential to rise towards $100 an ounce (around ₹3 lakh per kg) by 2026, driven by its growing role as a “next generation metal” across green energy, digital transformation and industrial applications. However, he cautioned that silver’s history shows sharp rallies are often followed by steep corrections, as the metal is prone to extreme boom-and-bust cycles despite strong long-term fundamentals.

NS Ramaswamy of Ventura Securities said both gold and silver are in a strong bullish phase, making a balanced allocation more prudent than choosing one over the other. He noted that gold continues to serve as a steady safe haven for wealth preservation, while silver offers higher return potential but with greater volatility. Ramaswamy added that the gold–silver ratio is likely to moderate, supporting further upside in both metals, and advised investors to decide their mix based on risk appetite, investment horizon and financial goals.

Vinit Bolinjkar of Ventura Securities said Suzlon remains a structurally strong wind energy player, supported by its integrated business model and stable O&M revenues, but believes near-term upside is limited as valuations already factor in most positives. He flagged execution risks, working-capital intensity and competitive pressures as key constraints, leading Ventura to maintain a ‘hold’ view with cautious expectations despite supportive sector tailwinds.

NS Ramaswamy of Ventura Securities said gold continues to hold its appeal as a portfolio stabiliser rather than a momentum trade, even after a sharp rally. While acknowledging that prices look stretched, he noted that the gradual move higher allows investors to buy on dips. Ramaswamy cautioned that short-term volatility or profit-taking is possible, but added that a major, sustained correction appears unlikely given ongoing monetary easing and geopolitical uncertainties, making any dips a healthy opportunity for long-term accumulation.

Vinit Bolinjkar of Ventura Securities said the mutual fund AMC business stands out as a rare, long-duration secular theme within the broader consumption space. He noted that ICICI Prudential AMC benefits from strong brand equity, a well-established distribution network and the backing of ICICI Bank, giving it a clear competitive edge. Bolinjkar added that the stock still appears relatively cheaper compared to other listed AMC peers, making it an attractive long-term opportunity.

Vinit Bolinjkar of Ventura Securities said the Nifty 50 outlook for 2026 remains constructive, supported by stable tax revenues, rising disposable income, strong domestic flows and a potential India-US trade deal. He noted that a sustained move above 26,300 would confirm a fresh uptrend, with the index reasonably working towards 29,000 by FY26-end, driven primarily by earnings growth rather than valuation re-rating. Bolinjkar also highlighted select long-term value stocks where he sees significant upside potential over the next two years, anchored in sectoral tailwinds, balance sheet improvement and execution-led growth.

Vinit Bolinjkar of Ventura Securities said the IOB OFS offers only a narrow arbitrage, with the floor price close to the prevailing market level, making short-term gains risky amid expected volatility. He noted that the stock is in a corrective phase, with support near ₹34.50 and resistance around ₹39–₹40.50. Given the limited upside, Bolinjkar said the OFS is not ideal for retail investors seeking quick returns.

NS Ramaswamy of Ventura said silver’s sharp rally is largely a catch-up move after gold, supported by tight physical stocks and rising industrial demand from EVs, renewables and data centres. While silver could climb toward $100 an ounce, he cautioned that shallow liquidity and historical boom–bust cycles make the metal vulnerable to sharp corrections.

Vinit Bolinjkar of Ventura Securities said KSH International has demonstrated consistent execution, scale benefits and a strong position in the niche magnet winding wires segment. He highlighted that the fresh issue will support growth initiatives, strengthen the balance sheet and enhance market visibility, leading Ventura to recommend a ‘Subscribe’ rating for the IPO.

Vinit Bolinjkar of Ventura Securities said Trent’s stock correction reflects slowing revenue growth, driven by weaker demand and rising competition. While valuations have corrected meaningfully, he believes revenue acceleration is key for recovery and advises staggered accumulation rather than a one-time buy at current levels.

Ventura’s Vinit Bolinjkar said NephroPlus’ international expansion can lift margins, but only if the company manages the operational complexity of entering and integrating new markets. He flagged Uzbekistan’s PPP performance, EBITDA resilience, and reimbursement-linked collections as critical indicators to watch, adding that the muted grey market premium reflects high valuations and weak market sentiment.

Ventura’s Vinit Bolinjkar said the RBI’s repo rate cut to 5.25%, along with Rs 1 lakh crore of OMOs and a $5 billion forex swap, will enhance liquidity and improve policy transmission. He noted that the upgraded 7.3% FY26 growth forecast and lower inflation outlook reflect a supportive macro environment, while the RBI’s continued regulation of digital lending and CBDC development reinforces financial stability.

Ventura Securities expects gold to surge to $4,600–$4,800 per ounce in 2026, supported by aggressive central-bank buying, anticipated US rate cuts, persistent inflation and concerns around the US fiscal outlook. The brokerage said the ongoing bull run remains intact despite recent corrections, viewing pullbacks as accumulation opportunities with strong support levels and multiple macro factors—ranging from falling real yields to rising ETF inflows—continuing to favour further upside.

Ventura Securities highlighted the top equity mutual funds that delivered the highest 3-year returns across large-cap, large-and-midcap, midcap, small-cap, and flexi-cap categories. The report noted strong performers such as Nippon India Large Cap, Motilal Oswal Large & Midcap, Invesco India Midcap, Bandhan Small Cap, and Bank of India Flexi Cap, underscoring robust CAGR trends supported by sizeable AUMs as of 31 October 2025.

Ventura Securities said that despite Meesho’s gains in contribution profitability and the rapid scale-up of its logistics arm, the platform’s inventory-free model continues to create structural challenges around product quality, counterfeit risks and seller churn. Ventura added that while free cash flow turned positive in FY25, sustainable profitability will depend on tighter execution, cost discipline and stronger operational control.

Ventura Securities has issued a Buy on Adani Enterprises with a target price of ₹3,433—a 43% upside—backed by the company’s ₹25,000 crore equity fundraise, which Ventura says will ease balance-sheet pressure and provide critical capital for long-term ventures such as airports, green hydrogen (ANIL), data centres and copper. Ventura finds the rights issue price of ₹1,800 attractive, citing strong growth visibility, upcoming value-unlocking listings between FY27–31, and revenue and EBITDA CAGR expectations of 17.4% and 18.7% through FY28. While near-term profitability is expected to dip due to higher depreciation and interest costs, Ventura believes maturing high-margin businesses will drive a strong recovery.

Juzer Gabajiwala of Ventura Securities explains that India’s small-cap funds are far more structured and diversified than popularly believed. His analysis shows that 83% of small-cap fund holdings sit within the top 750 companies, with 63% in the true small-cap band and nearly 20% actually in large and mid-caps for stability. Today’s “small caps” are also much larger than perceived—the 251st company is around ₹30,400 crore, and even well-known names like CDSL, Gillette, NBCC, Angel One, PNB Housing, East India Hotels, Wockhardt and Tata Chemicals are officially small caps.

Ventura expects Indian markets to open positive, supported by upbeat global cues and GIFT Nifty gains. For both Nifty and Bank Nifty, Ventura maintains a buy-on-dips view, noting that the ongoing uptrend remains intact unless key lower levels are breached. An Evening Star pattern signals near-term correction, but Ventura believes traders should use any decline as an opportunity to accumulate, with upside potential toward Nifty 26,500–26,700 and Bank Nifty 59,550–63,470 if key breakouts hold.

Ventura Securities has given a ‘Subscribe’ rating to Sudeep Pharma, citing its strong Ebitda margin of 35–40%, RoNW of 27.88%, and clear plans to expand manufacturing, upgrade technology, and grow its global footprint through acquisitions like Nutrition Supplies Services in Ireland. The firm added that IPO proceeds will strengthen the balance sheet and support long-term growth without pressuring margins.

Ventura’s daily market report for 19 November notes weak global cues with U.S. indices slipping over 0.8–1.2%. GIFT Nifty indicates a flat-to-positive start. Sectoral trends were mixed, with metals, IT, and realty under pressure, while financials and FMCG showed resilience. Ventura highlights key stock updates including major contract wins for TCS and Solar Industries, expansions by HCL Tech, Glenmark’s regulatory approval in Europe, and NTPC Green’s solar project progress. The report also includes F&O ban updates, OI positioning, and a medium-term bullish view on a featured stock with a target of ₹7,440 and strict stop-loss guidance.

Vinit Bolinjkar, Head of Research at Ventura Securities, warned that many startups are showing temporary profits before IPOs through one-off gains or accounting adjustments, which can mislead investors. He advised focusing on cash flows, core operations, and governance transparency instead of headline profits, stressing that only sustainable earnings create long-term value.

According to a Ventura report, mutual funds invested over ₹8,752 crore in IPOs during the September 2025 quarter, largely in small-cap companies. The study highlights that funds are strategically backing scalable small-cap businesses for long-term growth. Ventura also noted record-high SIP inflows of ₹29,361 crore during the same period, reflecting sustained retail investor confidence.

Vinit Bolinjkar, Head of Research at Ventura Securities, said that Groww and Lenskart should learn from the earlier missteps of Paytm and Nykaa. While Groww is profitable, it must focus on core offerings and transparent milestones. Lenskart, he added, needs to strengthen unit economics by optimising supply chains and reducing acquisition costs to ensure sustainable profitability.

Juzer Gabajiwala, Director at Ventura Securities, recommends investors allocate about 40% of their portfolios to mid-cap mutual funds and continue SIPs for at least 10 years. He believes mid-caps can deliver strong alpha with moderate risk, making them ideal for long-term wealth creation.

Vinit Bolinjkar, Head of Research at Ventura Securities, remains optimistic about Maruti Suzuki’s prospects, citing sustained demand strength and a robust product pipeline as key drivers for continued growth.

Ventura Securities has given a ‘Subscribe’ rating to Orkla India’s IPO, highlighting its strong distribution network, leadership in authentic local taste profiles, multi-category innovation, and support from global parent Orkla ASA as key strengths driving long-term growth potential.

According to Ventura's Daily Market Report (Oct 28, 2025), global cues remained positive, with the GIFT Nifty indicating a firm start for Indian markets. PSU Banks, Oil & Gas, and Realty sectors led gains, while Pharma and Media lagged. Key stock highlights included Adani Energy Solutions, NTPC Green Energy, Poonawalla Fincorp, and Tejas Networks, all announcing developments that could enhance operational growth and sector positioning.

According to Vinit Bolinjkar, Head of Research at Ventura Securities, the GST rate cut to 18% on vehicles and auto components will make cars and two-wheelers more affordable while reducing input costs and improving supply-chain efficiency. He noted that the reforms will benefit companies such as Motherson Sumi, Bharat Forge, Uno Minda, and Exide Industries, supporting stronger demand and better margins in the long run.

Amid record Diwali sales and strong investor sentiment, Vinit Bolinjkar of Ventura Securities expects the Nifty to reach 27,600 and the Sensex 90,100 in the next Samvat. He noted that valuations remain reasonable, with limited downside and upside potential driven by consumption-led earnings recovery, policy support, and a possible US–India trade deal.

With Sovereign Gold Bonds trading at steep premiums amid surging gold prices, NS Ramaswamy of Ventura Securities warned that the current premium levels are excessive given limited liquidity and fixed tenure, which could diminish investor returns.

Ventura Securities has picked eight high-conviction stocks for the festive season—ranging from infrastructure to fintech—with projected gains up to 120% over two years.

Ventura’s Vinit Bolinjkar highlights WeWork India’s turnaround and strong enterprise-heavy portfolio, noting its leadership in the flexible workspace sector. With FY25 revenues of ₹1,949 crore and EBITDA margins above 63%, the brokerage sees the IPO as an opportunity to gain exposure to a high-growth, structurally expanding market.

Ventura notes that the potential US government shutdown could drive investors toward gold as a safe haven, supporting bullion prices. Market experts suggest heightened demand amid geopolitical and fiscal uncertainties may keep gold elevated in the near term.

Ventura’s Vinit Bolinjkar notes that RBI’s unchanged repo rate, higher GDP forecast, and lower inflation outlook signal policy stability. Key regulatory shifts in credit risk, deposit insurance, infra funding, and export facilitation are expected to boost banking, NBFCs, and exporters.

Ventura Securities has recommended Man Industries as a long-term buy, setting a target price of ₹458 per share. The brokerage highlights the company’s growth prospects and sector positioning as key drivers for sustained returns.

Ventura has given a subscribe rating to Advance Agrolife’s ₹192.86 crore IPO, citing its diversified product portfolio, superior return ratios (ROE at 32.9%, ROCE above 30%), and strong growth trajectory. The brokerage believes its R&D-driven, asset-light model positions the agrochemical player well for sustainable expansion.

Ventura’s Vinit Bolinjkar recommends holding NCC, Dr Reddy’s Laboratories, and Marine Electricals for the long term, while advising a Sell on Tata Motors due to JLR headwinds, favouring Maruti instead as a stronger EV play.

Ventura notes that Bharat Electronics’ sharp year-to-date rally has stretched its valuations (now at ~53.6× P/E), making it a compelling long-term name backed by a strong order book — but warns that near-term upside may be limited given the rich multiples.

Ventura has issued a Buy call on Hindustan Construction Company (HCC) with a target of ₹64, implying a 120% upside.

Ventura Securities predicts a rise in Tata Investment Corporation shares. The target is Rs 12,000 from the current level. The stock shows a strong breakout with high trading volumes.

Ventura highlights that new inbound retail funds in GIFT City, such as Tata India Dynamic Equity Fund, allow NRIs and overseas investors to invest with as little as $500.

Ventura Securities CEO Hemant Majethia believes Indian equities offer opportunities despite IPOs and F&O regulatory changes. He anticipates a shift towards cash market participation and innovative advisory products.

Ventura projects Netweb Technologies’ revenues to grow at a 36.7% CAGR to ₹2,938 crore by FY28, fuelled by AI systems, enterprise workstations, and cloud services.

Vinit Bolinjkar of Ventura warns that investors considering Indian IT stocks should tread carefully.

Vinit Bolinjkar, Head of Research at Ventura, shares opinion whether Adani Green Ltd. and Adani Enterprises Ltd. are set to emerge as two key growth stories within the Adani group of companies after SEBI dismissed all allegations brought forward by US-based short seller Hindenburg Research, according to

Saatvik Green Energy is selling its shares in the price band of Rs 442-465 apiece, which could be applied for a minimum of 32 shares and its multiples to raise Rs 900 crore between September 19-23.

Ventura noted that Adani Group stocks surged by up to 13% after SEBI gave a clean chit to Gautam Adani and top executives on allegations of market manipulation raised by Hindenburg Research. The order has reignited investor interest and boosted hopes of a broader re-rating across the group’s companies.

Arbitrage and multi-asset allocation funds are gaining traction among Indian investors, showcasing substantial AUM growth of 22.2% and 15.4% respectively in the June 2025 quarter. Investors are increasingly favoring low-risk, diversified hybrid schemes. Private banks and IT sectors dominate equity holdings, while government securities lead in debt, despite a slight dip. Refineries saw significant growth, reflecting renewed market interest.

Perspective on RBI MPC by Mr. Vinit Bolinjkar- Head of Research, Ventura Hybrid funds' AUM saw a significant jump during the quarter, with arbitrage funds rising 22.2 per cent and multi-asset allocation funds up 15.4 per cent, according to a report by stockbroking platform Ventura Securities.

Moneycontrol collated a list of the top 10 rate-sensitive stocks, curated by experts with a 3–4-week perspective, following the Reserve Bank of India's decision to maintain the status quo on rates.

"The RBI’s recent monetary policy announcement reflects a strategic and resilient approach to macroeconomic management. Despite global headwinds, most notably the renewed tariff threats from the US, the RBI has held its course, keeping the repo rate unchanged at 5.5% and maintaining a 'Neutral' stance.

A majority of these new entrants (IPOs) in the April-June quarter fall under the small-cap category, with only one categorised as a midcap, stock broking platform Ventura said in its report.

Following the release of financial results for the April-June quarter of fiscal year 2025-26 (Q1FY26), India's top information technology (IT) companies will attract attention in today's market session.

Dive deep into the Q1 FY26 earnings of HCL Tech and TCS. Our expert analysis reveals why analysts favor TCS in the current market, offering insights into their financial performance, margin profiles, and future prospects. Discover which IT stock could be your next strategic investment.

In the Uttar Pradesh capital, 22-karat gold was priced at Rs 9,025 per gram on Monday, and 24-karat gold, also referred to as 999 purity, dropped to Rs 9,844 per gram.

While marginally higher rates were reported in Delhi and Lucknow, both regions also recorded a fall in prices compared to earlier levels.

However, prices were slightly higher in Delhi and Lucknow, where 22-karat gold stood at Rs 9,025 per gram and 24-karat gold at Rs 9,844 per gram.

The 90-day suspension of Trump tariffs on imports from several countries, including India, ends on July 9, reviving the risk of a 26 per cent additional duty on Indian goods entering the US.

Bharat K Gala, COO - Equity Broking at Ventura, has recommended three stocks to buy amid volatile market - Indian Bank, BSE PSU Bank, and Punjab National Bank.

Strategic partnerships, margin expansion, and capital discipline fuel a re-rating case in India’s rebounding hospitality sector.

Domestic brokerage firm Ventura Securities has suggest to short BSE Ltd in its recent note. However, the stock has seen some correction in the stock recently, falling nearly 10 per cent.