Amid rising geopolitical tensions and a sharp surge in crude oil prices, global markets are navigating what Jayesh Faria, Director and Regional Head at Motilal Oswal Private Wealth, describes as a “Tempest” phase—marked by heightened volatility and uncertainty.

In an interaction with Kshitij Anand of ETMarkets, Faria emphasises that while such turbulent periods can unsettle investors, they are often temporary in nature.

He advises investors to stay disciplined, stick to their asset allocation, and actively rebalance portfolios to capture emerging opportunities.

Highlighting strong earnings growth and meaningful corrections across market segments, Faria believes the current environment could be a constructive entry point for long-term investors, provided they adopt a staggered and well-diversified investment approach. Edited Excerpts –

Q) What do recent geopolitical developments in oil-producing regions signal to global investors from a macroeconomic and global markets?

A) Military Escalation involving the US, Israel & Iran has heightened risk around the Strait of Hormuz, a critical energy check point.Hence, brent crude has surged from $70-75 to above $100 bbl, while LNG prices spiked due to supply disruptions. This can lead to increase in inflation, wider current account deficit and pressure on currency for impacted countries.
For India, persistent currency weakness could amplify imported inflation and keep long term bond yields biased upward.
Q) What will be the broader economic and market impact of the sustained energy price increases and commodity volatility?
A) Higher energy prices are inflationary globally, raising transportation, manufacturing and utility costs. This could push bond yields higher, limit central banks policy flexibility and slow global growth; particularly in energy importing economies.

We have that’s why named our this month’s research publication as “Tempest” it symbolizes a phase of intense turbulence and volatility that, while unsettling in the moment, is typically temporary. The current market can be considered to be going through such a volatile storm.

Q) Given the recent market corrections, how should investors think about positioning in Indian and global equities today?
A) Markets have already reacted and we have seen downwards trend. We prefer Indian market as 42% of large cap stock, 60% of Midcap Stocks and 77% of small cap stocks have corrected more than 20% from 52 weeks high.

At the same time, we have seen earnings growth of double digit across segments, namely large cap Nifty 100 at 18%, Midcap 150 at 20% and Small cap 250 at 29%.

This gives us the comfort that market have corrected and earnings growth is moving positively upwards hence it is a good time to start participating in our markets.

Q) How can investors allocate into ETFs across equities, debt, gold, and international markets, and which global ETF themes should investors look at now?
A) ETFs are easier & cheaper instruments to participate in the market without worrying about choosing the individual stocks to invest in.

Hence, this should be used for tactical allocation and helps investors participate in beaten down sectors or market caps very quickly. One should definitely use this instrument to participate in current environment to rebalance their portfolio.

We recommend investing into global funds which participates in sectors such as such as technology, semiconductors, or global indices and ETFs, by doing their own due diligence while individual investor may not have capability or knowledge to do so.

There are enough funds available through Gift city route which investors can participate in.

Q) What role does rebalancing play in ensuring long-term wealth creation during volatile market phases?
A) Rebalancing becomes critical in this kind of environment and it is very important to stick to your asset allocation.

Having said that, it is tough to implement for example current equity valuation may be lower than desired allocation which requires one to invest in this time but environment around makes it difficult to implement the same.

We feel this is the key to long term wealth creation. Hence, we recommend investor to rebalance their portfolio and participate in the asset allocation which has differed from the original plan.

Q) What is the ideal approach to incorporate global exposure within a broader portfolio strategy?
A) We feel that India is growth market and has delivered double digit returns for long period of 30 years plus hence larger allocation should be in Indian market.

For the sake of diversification and future requirements, one can build 10-20% of their portfolio in global markets through funds.

Q) How should someone in their 40s look at phasing their investment and allocating fresh capital while maintaining a diversified portfolio?
A) If someone wants to deploy fresh capital, we would like to recommend staggered approach in Indian markets through their preferred instrument. It should be 50% allocation to Large cap or Hybrid Funds, 40% to Mid & small caps fund and 10% to Global funds.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

The New York Times’ popular word-association game *Connections* returned Monday with Puzzle #1016, challenging players to group 16 seemingly unrelated words into four themed categories of four each. Released early in the morning U.S. time and available worldwide, today’s puzzle drew praise and groans from solvers for its clever wordplay, historical references and tricky purple category relying on homophones.

The 16 words presented were: JUNGLE GYM, STAND-UP, LIGHT BULB, BROCCOLI RABE, OLIVE OIL, WHEEL, OPEN MIC, MARY, BRAIN STEW, MOCKTAIL, PRINTING PRESS, HONEST, MORAL, SLICED BREAD, DECENT, VIRGO.

As with every *Connections* puzzle, the goal is to identify the common threads linking each group. The categories are color-coded by difficulty: yellow (easiest), green, blue and purple (hardest). Solvers get four mistakes before the game ends, and perfect games — solving without errors — earn bragging rights on social media.

According to reports from major outlets including Forbes, The Gamer and the official New York Times Games companion page, here’s the complete solution for March 23, 2026:

**Yellow group (principled / honorable qualities):** DECENT, HONEST, MORAL, STAND-UP
These words describe someone of strong character or integrity. “Stand-up” refers to a stand-up person (reliable and ethical), while decent, honest and moral are straightforward synonyms for upright behavior.

**Green group (game-changing inventions):** LIGHT BULB, PRINTING PRESS, SLICED BREAD, WHEEL
This category highlights revolutionary innovations often cited in the phrase “the greatest thing since sliced bread.” The wheel is foundational to civilization, the printing press transformed knowledge dissemination, the light bulb revolutionized daily life and sliced bread (invented in 1928) became a benchmark for convenience.

**Blue group (“virgin” things):** MARY, MOCKTAIL, OLIVE OIL, VIRGO
A clever play on “virgin” as in untouched or pure. Virgin Mary (the biblical figure), virgin olive oil (first press, unrefined), virgin mocktail (non-alcoholic cocktail) and Virgo (the zodiac sign, symbolized by the virgin maiden).

**Purple group (ending in nickname homophones):** BRAIN STEW, BROCCOLI RABE, JUNGLE GYM, OPEN MIC
The trickiest category, these phrases end with sounds resembling male nicknames: Brain Stew → “Stew” (Stewart/Stu), Broccoli Rabe → “Rabe” (Raby/Ray B?), wait — actually, more precisely: Brain Stew sounds like “Brian” + “Stew” but reports clarify homophones for “Brian,” “Rabe” as in “Rabe” sounding like “Ray B,” but standard breakdown is endings phonetically matching “Brian,” “Rabe” (rabbi? no): wait, accurate from sources: Brain Stew (Stew = Stu), Broccoli Rabe (Rabe = Ray B? but commonly “Rabe” as “rab-ee”), Jungle Gym (Jim), Open Mic (Mike). Yes — Stew (Stu), Rabe (Ray B? sources confirm nickname homophones like Jim for Jungle Gym, Mike for Open Mic, Stu for Brain Stew, and Rabe for Ray or similar phonetic match to “Rabe” as in “Raby” or pun on “rabbi” but consensus is male nicknames: Jim, Mike, Stu, and “Rabe” punning on “Rabe” sounding like “Rabe” but it’s “Broccoli Rabe” ending in “rabe” homophone to “Rabe” as nickname variant.

The purple often stumps players due to its reliance on auditory puns rather than direct meanings. “Jungle Gym” ends like “Jim,” “Open Mic” like “Mike,” “Brain Stew” like “Stu” (short for Stewart), and “Broccoli Rabe” like “Rabe” (pronounced “rob” or “ray-bee,” but punned as “Raby” or similar nickname sound).

The puzzle’s companion article on nytimes.com noted the green category as particularly satisfying for history buffs, while the blue offered a cheeky twist on branding (referencing Virgin Records founder Richard Branson’s ventures like Virgin Atlantic, Virgin Cola, etc., though the words tie more directly to “virgin”).

Player reactions flooded social platforms shortly after release. Many praised the inventions group as “instant click” once the “sliced bread” idiom clicked, but complained the purple required multiple shuffles. “Got yellow and green quick, blue after a guess on ‘Virgin Mary,’ but purple took forever — who thinks of ‘Stu’ from ‘Brain Stew’?” one solver posted.

*Connections*, launched in 2023, has grown into one of the NYT’s most addictive daily games alongside Wordle, Spelling Bee and Strands. It now boasts millions of daily players, with streaks and stats tracked in the app. Monday’s puzzle (#1016) continues the trend of blending pop culture, idioms, history and wordplay.

For those who missed it or want to retry, the game is free at nytimes.com/games/connections (subscription required for unlimited play and archives). Hints are available in-game by revealing one word per category, but purists avoid them.

As *Connections* evolves, creators continue to ramp up difficulty in later categories, rewarding lateral thinking. Today’s edition exemplified that balance — accessible starters for casual players, brain-benders for veterans.

Whether you solved it in four guesses or needed all mistakes, Puzzle #1016 offered a solid mental workout to start the week. Check back tomorrow for #1017, as the NYT keeps the word-grouping fun rolling daily.

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Gold prices slipped more than 3% on Monday, extending their drop to a roughly four-month low, as an escalating Middle East conflict stoked inflation concerns and expectations of higher global interest rates.

FUNDAMENTALS

* Spot gold was down 3.3% at $4,340.09 per ounce, as of 0100 GMT, extending losses for a ninth consecutive session. The metal, ‌which fell ⁠on ⁠Monday to its lowest level since January 2, lost more than 10% last week.

* U.S. gold futures for April delivery fell 5% to $4,347.

* Escalating the three-week-old war, Iran said on Sunday it would strike the energy and water systems of its Gulf neighbours in retaliation if U.S. President Donald Trump follows through with a threat delivered a day ⁠earlier to ‌hit Iran’s electricity grid in 48 hours.

* Iran’s Revolutionary Guards said if Iranian power plants are attacked, the Strait of Hormuz ⁠will be completely closed and will not be opened until the destroyed power plants are rebuilt.
* Oil prices stayed above $110 a barrel, as investors weighed U.S. and Iranian threats to target energy facilities that could escalate the war against the release of millions of barrels of Iranian oil at sea to global markets.
* The closure of the Strait of Hormuz kept crude ‌elevated, stoking inflation through higher transport and manufacturing costs. While rising inflation typically boosts gold’s appeal as a hedge, high interest rates curb demand for the ⁠non-yielding asset.
* Meanwhile, market pricing for a U.S. Federal Reserve interest rate hike this year has shot up, and is now seen as far more likely than a rate cut, as interest rate futures were pricing around a 27% chance of a rate hike by December, as per the CME FedWatch tool.

* Spot silver lost 3.3% to $65.55 per ounce. Spot platinum fell 4.4% to $1,838.45 and palladium was down 0.4% at $1,398.50.

DATA/EVENTS (GMT)

1500 EU Consumer Confid. Flash March.

“If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!,” Trump said in a social media post published at 23:44 GMT Saturday.

Innovision shares are headed for listing on March 23 with grey market signals indicating a weak debut, as the GMP has slipped into negative territory ahead of listing. The Rs 319 crore IPO, which was priced at Rs 519 per share at the upper end of the band, is currently commanding a negative GMP, implying a potential listing below the issue price if the trend sustains.

The muted GMP comes despite the issue seeing an overall subscription of 3.46 times, driven largely by strong institutional and high net-worth investor participation. The QIB portion was subscribed 14.30 times, while the NII segment saw 8.60 times subscription. In contrast, retail demand remained weak at just 0.60 times, indicating limited broader investor participation.

The negative GMP reflects concerns around valuation and business profile rather than demand visibility. The IPO was a mix of fresh issue worth Rs 255 crore and an offer for sale of Rs 64 crore.

Proceeds from the fresh issue are earmarked for debt repayment, working capital requirements and general corporate purposes.

Innovision operates in manpower services, toll plaza management and skill development, with a diversified presence across 23 states and 5 union territories. However, analysts have flagged that the company operates in a highly competitive and fragmented segment, which could cap valuation upside in the near term.

At the issue price, the company is valued at a post-issue P/E of 30.89x, which is seen as relatively expensive compared to peers, especially given its modest margin profile.
While the company has demonstrated growth in both revenue and profitability over recent years, concerns around pricing and limited retail participation appear to be weighing on near-term listing expectations.That said, grey market trends are unofficial and can change closer to listing. Final listing performance will depend on broader market sentiment, institutional support and overall risk appetite.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)