DSP Mutual Fund will launch one of its kind DSP Multi Asset Omni Fund of Funds, that invests in best performing equity schemes across the industry, besides debt and commodity (gold and silver).

The fund is powered by DSP Netra, the fund house’s in-house market intelligence framework. DSP Netra uses market data, valuations and long-term historical patterns to assess risk and margin of safety across asset classes, helping guide allocation decisions as market conditions evolve.

The fund helps investors in asset allocation and invests in top performing equity schemes in the most tax efficient manner. Investors usually rejig their portfolio to chase the best performing equity schemes but in that process had to incur capital gain tax once they exist the schemes.

DSP Multi Asset FoF, which will invest up to 75 per cent of its portfolio in equity, will track the best performing fund manager across the industry and invest in those schemes to deliver best return to investors.

It will use the stock picking ability of the best equity fund managers in the industry along with asset allocation strategies of DSP Netra.

Besides equity, the fund will invest 15–50 per cent in debt schemes and 10–50 per cent in gold and silver ETFs, with allocations adjusted based on prevailing market conditions.

Sahil Kapoor, Head of Product and Market Strategist, DSP Mutual Fund said investor outcomes often suffer when decisions are driven by narratives or short-term forecasts. DSP Netra was built to rely on data and market history to assess risk and margin of safety across asset classes. This Netra-powered approach comes together in the DSP Multi Asset Omni Fund of Funds, guiding allocation decisions in a systematic manner rather than reacting to market noise, he said.

On the current US tariff cut, he said the average US tariff was 12 per cent before it was increased to 25 per cent and further to 50 per cent and now it has been reduced to 18 per cent.

After the euphoria dies down, the markets will start focusing on corporate earnings growth in December quarter as the impact of US tariff cut is limited and subject to few sectors, he said.

Published on February 3, 2026

Gold and silver prices staged a sharp recovery on Tuesday, rebounding nearly 5 per cent and 8 per cent, respectively, as bargain hunters emerged after last week’s historic correction, though analysts warned volatility is likely to persist.

COMEX gold surged above $4,900 before settling around $4,860, while MCX gold rallied above ₹1,51,000, gaining nearly ₹8,000 intraday. Silver climbed to around $79-$80, while MCX silver traded around ₹2,69,000 after hitting a bottom of ₹2,25,805 in the previous session.

“Gold and silver have rebounded nearly 10 per cent from recent lows as markets factor in the absence of key US economic data due to a partial government shutdown and renewed bargain hunting. The sharp correction—around 25 per cent in gold and 45 per cent in silver from recent highs—has attracted strong physical buying from investors who were waiting for meaningful price retracements,” said Renisha Chainani, Head of Research at Augmont.

The Monday session had extended losses from Friday’s brutal selloff. “Spot gold plunged more than 4.5 per cent on Tuesday, closing below $4,700/oz, while silver tumbled around 7 per cent to settle near $79.3. The selloff was driven by a rebound in the US dollar and a shift towards a more hawkish Federal Reserve outlook following the nomination of Kevin Warsh as the next Fed Chair,” said Kaynat Chainwala, AVP – Commodity Research, Kotak Securities.

“Additional pressure came from Firmer US Treasury yields after US manufacturing data surprised to the upside. The ISM manufacturing index jumped to 52.6 in January from 47.9, returning to expansion territory after 26 consecutive months of contraction,” Chainwala added.

The Tuesday rebound came despite continued dollar strength following the US-India trade deal announcement. “Gold and silver remained weak early in the session due to margin-call driven liquidation. Positions were unwound aggressively due to margin pressure, although prices recovered from the day’s lows on short-covering and bargain buying at lower levels,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

The US-India trade agreement, which reduced tariffs on Indian goods from 50 per cent to around 18 per cent, had mixed implications for precious metals. “The US–India trade deal has supported the Indian rupee, with USD/INR appreciating towards 90.20, up nearly 1 per cent. While tariff cuts improve trade relations, reduced uncertainty and a stronger rupee may temporarily cap domestic gold and silver prices by easing safe-haven demand and lowering import costs,” Chainani said.

Ross Maxwell, Global Strategy Operations Lead at VT Markets, offered perspective on the trade deal’s impact. “Gold and silver prices will be looking to balance between lower trade tensions and persistent macro uncertainty. A clearer trade outlook can reduce risk aversion, which will limit upside moves in precious metals. However, gold remains well supported by ongoing concerns around inflation, currency stability and geopolitical risks,” Maxwell said.

Despite the rebound, analysts expect continued volatility. “Looking ahead, gold and silver are likely to remain volatile, with markets focused on the upcoming US jobs report for clues on the timing of the Fed’s next rate cut. Chinese markets will also draw attention, as previously elevated Shanghai-COMEX premiums highlighted physical-paper divergence that fueled silver’s unprecedented swings,” Chainwala said.

“Gold traded strongly positive as CME Gold surged above $4,900, triggering sharp upside momentum in MCX Gold. This week, US Nonfarm Payrolls and Unemployment data will be closely tracked. Technically, Gold has immediate support near ₹1,45,000, while resistance is seen around ₹1,55,000,” said Jateen Trivedi, VP Research Analyst, LKP Securities.

Aamir Makda, Commodity & Currency Analyst at Choice Broking, provided technical levels. “Gold price has rebounded significantly from the bottom of 137,000 by ~12 per cent. Immediate resistance would be at 154,215. Breakout of this level will boost upside momentum towards 160,000–167,000. Silver has started trading over 253,468, with next hurdle at 341,773. We are expecting moderately bullish trend ahead,” Makda said.

Hareesh V, Head of Commodity Research at Geojit Investments Limited, offered a cautiously optimistic view. “Gold and silver are showing early signs of stabilization after last week’s historic selloff. The drivers for bullion remain intact, suggesting the correction was largely due to short term catalysts rather than a shift in long term fundamentals. Going forward, choppy trading is likely,” Hareesh said.

Chainani provided specific technical triggers. “Gold prices may extend the ongoing rebound towards $5,000 (₹155,000), with strong support seen near $4,600 (₹139,000). Silver is expected to consolidate in the $72–$87 range. A buy-on-dips and sell-on-rallies strategy is advisable within this range amid elevated volatility,” she said.

Kalantri offered support and resistance levels. “Gold has support at $4,655-$4,575 while resistance at $4,860-$4,950. Silver has support at $74.8-$69.75 while resistance is at $88.15-$94.80. In INR gold has support at ₹1,38,650-₹1,35,310 while resistance at ₹1,48,850-₹1,50,950,” he said.

Published on February 3, 2026

Target: ₹1,807

CMP: ₹1,695.95

Cholamandalam Investment & Finance Co has delivered a better-than-expected quarter, with operating income in line and stable net interest income (NII), while easing credit costs driven by asset-quality stabilization supported higher earnings.

On the business front, disbursements grew 16 per cent yoy and 23 per cent qoq, led by a 17 per cent yoy increase in Vehicle Finance, aided by improving CV/PV demand, GST-led price corrections and better fleet utilization, strengthening visibility on achieving the 20-21 per cent AUM growth target. The management highlighted continued improvement in asset quality, with vehicle delinquencies plateauing, early-bucket indicators trending better and NCLs in unsecured portfolios declining on tighter underwriting and portfolio clean-ups.

Against this backdrop, we increased our estimates slightly. From a valuation perspective, the stock has corrected over 12 per cent over the past two months and now trades near mean +1SD multiples, offering room for upside. Accordingly, we upgrade the stock to Buy rating (from Neutral) with a revised target price of ₹1,807 (earlier ₹1,622), based on 4.0x P/ABV on FY28E.

We also position Cholamandalam Investment & Finance as our top pick in the auto finance space.

Published on February 3, 2026

Shares of Steel Authority of India (SAIL) surged 5 per cent in early trade on Tuesday after the state-owned steelmaker reported a strong Q3FY26 results.

The stock surged as much as 5 per cent to ₹156.05 before settling at ₹154.36 on the NSEup from the previous close of ₹148.67.

SAIL posted a standalone net profit of ₹441.70 crore for the quarter ended December 2025, sharply higher than ₹125.80 crore in the year-ago period. Revenue from operations rose 12 per cent year on year to ₹27,371.39 crore in Q3FY26 compared with ₹24,489.63 crore in Q3FY25.

Brokerages said the rally was driven by improving volume momentum and expectations of better realizations in the coming quarters, although views diverged on valuation and balance-sheet risks.

Motilal Oswal said that despite muted net sales realisation, SAIL delivered decent earnings in the quarter, aided by healthy volumes.

The brokerage expects performance to improve further in the March quarter on the back of recovering steel prices and better volumes supported by inventory liquidation.

It raised its FY27 EBITDA estimates by 2 per cent, citing improving prices and operating leverage, and upgraded the stock to buy with a target price of ₹175.

Emkay Global also struck an optimistic tone, saying Q4 upside strengthens the investment case.

It expects the market to respond favorably to the Q3 results, particularly after cumulative post-quarter price hikes of ₹4,000–5,000 per tonne, which could lift EBITDA to around ₹7,000 per tonne in the March quarter.

While higher coking coal costs may cap some of the benefit, Emkay reiterated buy rating and ₹175 target price, calling SAIL one of its key picks in the ferrous space.

HDFC Securities, however, remained more measured and maintained its add rating with an unchanged target price of ₹150.

The brokerage pointed out that while total and own sales volumes rose 16 per cent and 5 per cent year on year, weak pricing in flat steel weighed on margins, pulling down EBITDA per tonne to ₹4,500 sequentially and compressing it slightly on a year-on-year basis.

HDFC expects SAIL to deliver steady growth over FY25–28, aided by a recovery in steel prices and higher production from ramp-ups.

Nuvama Institutional Equities adopted a cautious stance despite stronger-than-expected operating profit in the quarter. It noted that adjusted EBITDA of ₹22.9 billion beat estimates, supported by higher volumes that partly offset softer prices, while net debt declined sequentially to ₹248.5 billion.

However, the brokerage flagged that ongoing expansion plans could keep leverage elevated over the medium term. Although it raised its earnings assumptions to factor in higher prices and volumes, Nuvama maintained a reduce rating while lifting its target price to ₹111. Meanwhile, Kotak Securities maintained sell call at a target price of ₹105.

With steel prices showing signs of recovery and volumes improving, SAIL’s quarterly performance has sparked renewed investor interest, even as analysts remain divided over the sustainability of margins and the impact of future capital expenditure on the balance sheet.

Published on February 3, 2026

Shares of GAIL (India) Rose sharply in early trade on Tuesday despite a steep year-on-year decline in December-quarter profit, before paring gains later in the session.

The stock settled 1.5 per cent positive at ₹162.80, climbing to ₹166.49 on the NSE from its previous close of ₹160.39.

The state-run gas utility reported a 58.5 per cent fall in standalone net profit for the quarter ended December 2025 to ₹1,602.57 crore, compared with ₹3,867.38 crore in the same period last year.

Revenue from operations slipped about 2.5 per cent to ₹34,075.81 crore in Q3FY26 from ₹34,957.76 crore a year earlier.

Brokerages attributed the weaker earnings primarily to softness in gas trading margins and continued pressure in the petrochemicals segment, partly offset by better performance in gas transmission.

JM Financial said GAIL’s standalone EBITDA at ₹26.6 billion came in below its estimate and consensus due to sharply lower profitability in gas trading and a steep fall in petchem earnings.

This was partially cushioned by stronger gas transmission EBITDA, helped by lower operating costs and slightly higher volumes, as well as better-than-expected performance in the LPG pipeline business.

The brokerage maintained its buy call while revising its target price to ₹205, citing expectations of steady growth in transmission volumes and sustained trading profitability over the medium term.

HDFC Securities, retained a buy rating at ₹196, even though the reported EBITDA and adjusted profit after tax were below its estimates. It said GAIL’s ability to defend gas marketing margins amid rising gas costs and a recovery in transmission volumes underpins its positive stance, while noting that petrochemical profitability remained a drag during the quarter.

Motilal Oswal reiterated its buy at target price of ₹190, projecting a 19 per cent compound annual growth in profit over FY26–28. The brokerage expects this to be driven by higher gas transmission volumes, improved performance in the petrochemical business as new capacity comes on stream and spreads recover, and healthy profitability in the trading segment. It also forecast return on equity stabilizing above 12.5 per cent and strong free cash flow generation over the period.

Nuvama Institutional Equities, however, struck a cautious note, highlighting delays in tariff hikes and a prolonged downcycle in petrochemicals. The brokerage said GAIL’s Q3 EBITDA missed consensus expectations mainly because of weaker petchem earnings, while transmission volumes were flat year on year. It cut its FY27 and FY28 estimates and maintained a reduce rating with a target price of ₹151.

Published on February 3, 2026