At a time when global uncertainty continues to keep investors on edge, market participants are trying to identify sectors that can withstand volatility while still offering long-term growth. Speaking to ET Now, Aditya Shah, Founder, Hercules Advisors shared his views on sectors ranging from power and real estate to EMS and quick commerce, while also highlighting areas where investors should remain cautious.

Power Sector Emerges as a Strong Bet

While energy stocks have been witnessing sharp swings due to fluctuating crude oil prices and geopolitical tensions, Shah believes investors should focus more on the power segment rather than the broader energy basket.

“So, I do not have a lot of positive view on the energy basket. It is really very volatile. So, I would tend to look at the power sector. The power sector will continue to do extremely well,” he said.

Among his preferred picks, Shah highlighted Indian Energy Exchange, commonly known as IEX. Despite concerns around market coupling, he believes the company remains structurally strong.

“IEX is one of my top picks. Even though it is entangled in the market coupling scenario, even if the market coupling comes in, IEX will continue to do extremely well.”
He also pointed to companies such as TD Power Systems and Genus Power Infrastructures as strong performers within the broader power ecosystem. According to Shah, capital goods and power remain among the most promising themes in the current market setup.
Banking, Chemicals and IT Offer Long-Term Opportunity
Addressing concerns around geopolitical uncertainty and fresh capital deployment, Shah reminded investors that equities inherently carry risk, but added that valuations in several sectors have become more attractive after the recent correction. “So, equity is never a safe bet. Equity has risk that is why it has got returns.”
He believes the microfinance space could perform well over the next one to two years, provided global tensions ease and markets regain stability.

“If you look at the banking and the financial services, there I think the microfinance sector will continue to do extremely well over the period of next one or two years provided this war gets solved.”

Shah also maintained his positive stance on private sector banks, calling them reliable options for stable returns. Beyond financials, he sees value emerging in the chemical sector after a prolonged correction.

“Chemical sector has taken a lot of beating. A lot of stocks are now available at 20-25 times multiple, that also you can look at.”

The IT sector, according to him, remains an important contrarian opportunity despite concerns around artificial intelligence disrupting traditional business models.

“Some of the largecap IT stocks continue to trade at about 15-16 times multiple with a good dividend yield of about 3% to 4%.”

He acknowledged that AI could pose challenges for IT companies in the future, but said valuations are now turning increasingly compelling for long-term investors.

Realty Continues to Remain in Favour
On the real estate sector, Shah expressed confidence despite recent volatility in property stocks. He believes premium developers and real estate ancillary businesses are well-positioned to benefit from sustained demand.

“So yes, the real estate sector, we are positive on the entire sector.”

He specifically mentioned Godrej Properties, citing its expansion plans in Mumbai and Bengaluru as key growth drivers.

“Godrej Properties, its expansion in Bombay as well as Bangalore they will continue to do exceptionally well.”

Shah also noted that some developers are exploring opportunities in data centres, which could open up an additional growth avenue for the sector in the coming years.

EMS Sector Faces Valuation Concerns
The electronic manufacturing services (EMS) segment, once among the market’s hottest themes, has seen significant pressure after disappointing earnings from several companies. Shah believes excessive valuations are now correcting.

“So, specifically, some stocks which were really very highly valued have got beaten down very badly.” Referring to Kaynes Technology India, he pointed out concerns around missed revenue and cash flow guidance.

“They have missed the cash flow guidance. They have missed the revenue guidance as well and they are now being cautious.”

According to Shah, while revenue misses can sometimes be overlooked, weak cash flow execution is a much bigger concern.

“Missing the revenue can be understood, but missing the cash flow is a really big blunder from the management.”

He cautioned investors against chasing EMS companies trading at extremely rich valuations of 60 to 80 times earnings. However, he added that the sector could once again become attractive if valuations correct further over time.

Quick Commerce Battle Intensifies
The conversation also turned to the rapidly evolving quick commerce industry, especially with Zepto preparing to enter the listed space alongside existing players like Blinkit and Swiggy.

Shah said the sector remains highly competitive, where disciplined execution and controlled cash burn will determine long-term winners.

“Those players who are intensely disciplined are going to survive, are going to make hay when profitability comes in.”

He praised Eternal for Blinkit’s operational discipline, particularly in dark store expansion and managing profitability.

“Zomato on the other hand has 60% to 70% of its revenue now coming in from Blinkit and is extremely disciplined about how to open dark stores and how to expand.”

At the same time, he described Zepto as highly aggressive in customer acquisition and discounting strategies, which could intensify competition across the sector. “Zepto on the other hand is really very aggressive with respect to discounting.”

Shah believes the player capable of balancing growth with profitability will eventually dominate the market.

“Right now I feel it will be Blinkit. Blinkit is doing exceptionally well.”

He also advised investors to keep an eye on Swiggy from a valuation perspective, even though profitability challenges persist.

As markets continue to react to global developments, Shah’s outlook reflects a cautious but selective optimism — favouring sectors with structural demand, reasonable valuations and disciplined management execution.

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Nova Minerals Limited (NVA) Shareholder/Analyst Call May 21, 2026 4:15 PM EDT

Company Participants

Christopher Gerteisen – CEO & Executive Director

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Conference Call Participants

Craig Brelsford

Presentation

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Craig Brelsford

Hi. This is Craig Brelsford with RedChip Companies. Thank you for joining today’s event with Nova Minerals, which trades on the NASDAQ under the ticker NVA. With us today, we have Christopher Gerteisen, Executive Director and CEO of Nova Minerals. We will begin with a brief presentation in a moment.

But before we begin, please allow me to read the safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties.

Chris Gerteisen is waiting for us up in Alaska. Chris, take it from here.

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Christopher Gerteisen
CEO & Executive Director

Christopher Gerteisen here, CEO and Director of Nova Minerals. I’m standing here at the Estelle Gold and Critical Minerals Project. We’ve just concluded a very successful 2026 winter road heavy freight haul season, which has just been a success by any measure. We’ve hauled in over 800 tonnes of various mining and processing equipment, which you see behind me. This provides us everything we need to continue to execute on this plan that is being supported by the Department of War, the U.S. Department of War with $43 million to establish domestic antimony production and Nova Minerals has really been at the center of that, and we are executing.

Behind me, you can see various pieces of mining equipment, including rock

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NEW YORK — The Dow Jones Industrial Average dropped 232.33 points, or 0.46%, to 49,777.02 in afternoon trading on Thursday, May 21, 2026, as rising oil prices and elevated Treasury yields weighed on investor sentiment.

The blue-chip index opened lower and extended losses amid concerns over inflation and geopolitical developments in the Middle East. It had closed at 50,009.35 the previous day, up 1.31%.

Oil prices climbed as tensions persisted around the Strait of Hormuz. Brent crude rose more than 3% in early trading, boosting energy stocks but pressuring broader markets on inflation fears.

Treasury yields also moved higher. The 30-year bond yield approached recent highs, making bonds more attractive relative to stocks and contributing to selling pressure in equities.

The S&P 500 and Nasdaq Composite also traded lower in midday action. Technology and growth stocks faced particular pressure amid the higher yield environment.

Major Dow components showed mixed performance. Energy names gained on higher crude prices, while financials and industrials lagged. Specific movers included declines in shares sensitive to interest rates.

The session followed a strong close on May 20, when the Dow surged more than 645 points. Thursday’s pullback reflected profit-taking and renewed caution over macroeconomic factors.

Geopolitical risks remained in focus. Ongoing developments involving Iran and potential disruptions to energy supplies continued to influence commodity and equity markets.

Federal Reserve policy expectations shifted slightly. Traders adjusted bets on future interest rate moves as inflation concerns from energy costs resurfaced.

Broader market context included recent strength in the Dow, which had approached the 50,000 level multiple times in recent weeks. The index hit a record high earlier in 2026.

Analysts monitored corporate earnings and economic data releases scheduled for later in the week. Consumer spending indicators and manufacturing data remained key points of interest.

Trading volume was in line with recent averages. Market participants awaited further clarity on U.S.-Iran diplomatic efforts and their potential impact on global energy markets.

The Dow Jones Industrial Average tracks 30 large U.S. companies across various sectors. It is price-weighted, meaning higher-priced stocks have greater influence on its movements.

Year-to-date performance for the Dow remained positive despite Thursday’s decline. The index has shown resilience amid volatility driven by geopolitical events, inflation data and corporate results.

Sector rotation continued, with defensive areas and energy providing some support while growth-oriented names faced headwinds from rising yields.

International markets showed mixed results in overnight trading. European indices opened lower, while Asian markets closed with varied performance the previous day.

The U.S. dollar strengthened against major currencies amid the risk-off sentiment. Gold and other safe-haven assets also attracted interest.

Investors will watch upcoming economic releases, including any updates on consumer prices and Federal Reserve communications. The central bank’s path remains a focal point for markets.

Corporate news continued to influence individual stocks. Earnings reports from major companies provided mixed signals across sectors.

The afternoon session on May 21 remained active with potential for further movement depending on oil price developments and any fresh headlines from the Middle East.

Broader indices reflected similar pressures. The S&P 500 traded near recent levels, while the Nasdaq showed greater sensitivity to technology sector weakness.

Market strategists noted that pullbacks of this magnitude are common during periods of heightened uncertainty. Long-term trends remain supported by corporate earnings growth and economic resilience.

The Dow’s performance on Thursday highlighted its sensitivity to energy costs and interest rate expectations. Traders will continue monitoring key technical levels around the 50,000 mark.

NEW YORK — GameStop Corp. (NYSE: GME) shares traded at $22.48, down 0.07 or 0.31%, in early trading on Thursday, May 21, 2026, as the video game retailer continued to navigate market reaction to its recent proposal to acquire eBay.

The stock closed at $22.55 on May 20, up 2.04% for the session with volume of approximately 6.32 million shares. It has fluctuated within a 52-week range of $19.93 to $35.81.

GameStop, led by Chairman and CEO Ryan Cohen, has been actively pursuing strategic initiatives. In early May 2026, the company made a $56 billion non-binding proposal to acquire eBay, which eBay’s board rejected. Cohen has continued to increase GameStop’s stake in eBay, raising it to 6.6% from about 5%.

The company has faced volatility tied to these developments. Shares rose on speculation around the potential deal but pulled back after eBay’s rejection. Cohen has publicly criticized eBay’s leadership, calling it “run by a bunch of losers” with “perverse financial incentives.”

GameStop reported fiscal fourth-quarter and full-year 2025 results on March 24, 2026. For the quarter ended Jan. 31, 2026, net sales were $1.104 billion compared to $1.283 billion in the prior year. Adjusted net income was $291.4 million.

For the full fiscal year, net sales totaled $3.630 billion. The company has been shifting focus toward collectibles and technology initiatives while managing its traditional video game retail business.

GameStop’s next earnings report for the first quarter of fiscal 2026 is scheduled for June 9, 2026. Analysts expect adjusted earnings per share around $0.04 to $0.08.

The company has maintained a strong cash position and no long-term debt. It has used its balance sheet for share buybacks in the past and strategic investments. Ryan Cohen, who previously founded Chewy, has driven efforts to transform GameStop beyond traditional brick-and-mortar retail.

Market capitalization stood near $10 billion in recent sessions. The stock has shown meme-stock characteristics with high short interest and retail investor attention, though volatility has moderated compared to 2021 peaks.

GameStop operates hundreds of stores across the U.S. and internationally, selling video games, hardware, collectibles and merchandise. It has expanded into e-commerce and launched initiatives in digital assets and technology partnerships.

Analysts have mixed views on the company’s long-term strategy. Some see potential in Cohen’s activist approach and diversification efforts, while others question the viability of major acquisitions like eBay amid competition from Amazon and specialized platforms.

Trading volume on May 21 remained active in early sessions. The broader market context included mixed performance in retail and technology sectors.

GameStop has approximately 120,000 employees and continues to adapt to industry shifts toward digital downloads and subscription services. It has emphasized customer experience with events, collectibles growth and store modernization.

The company’s investor relations page directs inquiries about the eBay proposal to a dedicated email. No new updates on the proposal were announced on May 21.

Short interest and options activity remain elevated for GME, typical of its trading profile. The stock continues to attract attention from both institutional and retail investors.

GameStop has not provided new guidance beyond its most recent earnings release. Management has focused on operational efficiency, inventory management and exploring new revenue streams.

Investors will monitor developments around the eBay situation, upcoming earnings and any further strategic moves by leadership. The June 9 earnings call is expected to provide more insight into Q1 performance and full-year outlook.

The stock’s performance reflects ongoing speculation around GameStop’s transformation efforts and potential activist campaigns. Shares have traded in a relatively narrow range in recent weeks compared to historical volatility.

Stocks rose more than 1% Wednesday as Nvidia NVDA 1.30%increase; green up pointing triangle prepares to report earnings after the closing bell. Investors are hoping for another stellar quarter from the chip maker at the heart of the artificial-intelligence rally.

The prospectus filing for SpaceX’s blockbuster IPO could also come as soon as today. Meanwhile, OpenAI has been working with bankers to prepare to file for its own IPO in coming days or weeks, the Wall Street Journal reported Wednesday.

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Amid concerns over rising oil prices and pressure on the Indian currency, Arvind Panagariya has urged the Reserve Bank of India to allow the rupee to depreciate instead of aggressively defending it with foreign exchange reserves.

In a post on X, the 16th Finance Commission Chairman said the RBI should not allow the “psychology” of the Rs 100-per-dollar mark to dictate policy decisions.

“Do not let the psychology of Rs 100 per dollar determine your policy response. 100 is just a number, like 99 and 101. Whether the oil shortage is short-lived or long-lived, the right response at this moment is to let the rupee depreciate,” Panagariya wrote.

Panagariya’s remarks came as the rupee touched the key 100-per-dollar mark in the one-year forward market on Wednesday, signalling that currency markets are pricing in a weakening bias for the USD/INR pair over the next 12 months.

According to him, if the current oil shortage lasts only for a few months to a year, the rupee may weaken initially but could later recover significantly once India’s oil import bill declines and foreign investors return to take advantage of a cheaper currency.

However, if the oil shock turns out to be long-lasting, Panagariya warned that trying to artificially defend the rupee would only drain India’s forex reserves over time.

“A resort to anything other than depreciation will be a losing proposition. Trying to defend the rupee will continue to bleed the reserves until they are exhausted,” said the former Niti Aayog vice chairman.

Panagariya also cautioned against relying heavily on dollar-denominated sovereign bonds or high-interest NRI dollar deposits to support the currency, calling them temporary and expensive measures.

“Eventually, you will have to cross the 100-rupee-per-dollar psychological barrier,” he added.

Drawing comparisons with the 2013 currency crisis, Panagariya said India’s macroeconomic situation today is much stronger. He noted that inflation was in double digits in 2013, whereas current inflation levels remain relatively controlled due to prudent monetary management by the RBI.

“This is not 2013. The economy is well-positioned to absorb some inflationary pressure that will accompany depreciation,” he said.

He further argued that instruments such as high-interest NRI dollar deposits effectively amount to a transfer of wealth to richer depositors, while costing India more than what it earns on its own foreign currency reserves.

The rupee rebounded 50 paise from its all-time closing low to settle at 96.36 against the US dollar on Thursday after crude oil prices retreated from elevated levels amid signs of easing geopolitical friction, alongside likely central bank intervention. Forex traders said the rupee had gained after the recent geopolitical developments, but investors are still gauging the geopolitical risk and oil price sensitivity in the background.