India’s Social Stock Exchange (SSE) is set to receive a fresh boost after the Ministry of Corporate Affairs (MCA) permitted companies to route a part of their Corporate Social Responsibility (CSR) expenditure through the platform. The change is expected to widen funding avenues for non-profit organisations and strengthen transparency and accountability in the social impact ecosystem.

The MCA has amended Schedule VII of the Companies Act, 2013, to recognise investments in certain Social Stock Exchange instruments as an eligible CSR activity. As per a Gazette Notification issued on May 27, 2026, “subscription to zero coupon zero principal instruments on Social Stock Exchange” has now been added to the list of approved CSR activities.

The amendment allows companies to allocate up to 10% of their total annual CSR budget towards not-for-profit organisations (NPOs) registered on the Social Stock Exchange through Zero Coupon Zero Principal (ZCZP) instruments.

The Social Stock Exchange serves as a dedicated platform that connects social enterprises and NPOs with donors, investors and other funding sources. Unlike conventional stock exchanges, where investments are made with the expectation of financial returns, the SSE is designed to facilitate measurable social impact.

According to the National Stock Exchange (NSE), the latest policy change could help scale up social financing in India by providing corporates with a regulated and disclosure-based channel to support impact-focused organisations. The exchange said the framework is expected to enhance transparency, credibility and the overall reach of funding within the social sector.

The idea of a Social Stock Exchange was first outlined by Finance Minister Nirmala Sitharaman during the 2019 Budget, with the aim of bringing capital markets closer to the masses while advancing inclusive growth and financial inclusion.
With the amendment now in place, companies can incorporate SSE-based contributions into their CSR programmes through a structured and regulated mechanism. NSE said the move is likely to improve funding access for verified NPOs, strengthen governance and disclosure standards, encourage outcome-oriented philanthropy and foster greater trust and accountability across the social impact landscape.Sriram Krishnan, Chief Business Development Officer at NSE, described the amendment as a significant development for India’s social sector. He said the provision would enable corporates to channel CSR funds through a transparent, regulated and impact-driven platform, helping improve trust, accountability and access to capital for social enterprises.

The MCA notification has come into effect immediately upon its publication in the Official Gazette.

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

The Indian stock market witnessed a sharp selloff on Friday afternoon, with the Sensex and Nifty falling over 1% as passive fund flows linked to the MSCI index reshuffle weighed on sentiment.

Sensex dropped over 1,092 points to 74,776 while Nifty 50 crashed nearly 359 points to 23,547. This came as India VIX, which measures volatility in markets, jumped around 8% to 16.18. The sharp losses wiped off nearly Rs 6 lakh crore from the total market capitalisation of all companies listed on BSE, pulling it down to Rs 465 lakh crore.

Analyst Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities, interacted with ETMarkets regarding the outlook for the Nifty and Bank Nifty, as well as an index strategy for the upcoming week. The following are the edited excerpts from his chat:

Nifty rollover for May expiry came in below both the three-month and six-month averages. Does this suggest traders are turning cautious near higher levels, or is it simply profit-booking after the recent recovery?

In the month of May, the benchmark index Nifty traded within a narrow range of 1219 points, marking its smallest monthly range since December 2025. The rollover in the May series also came below the prior month and 3-month average. Notably, a majority of the trading sessions during the month witnessed either an upside or downside gap at the opening, followed by range-bound price action throughout the day. As a result, opportunities for intraday and short-term traders remained limited despite the frequent gap openings. But what made this phase even more unusual was the message hidden within the broader monthly price structure.

On the monthly chart, Nifty has formed a bearish candle with shadows on either side, reflecting indecisiveness among market participants amid ongoing geopolitical uncertainties. Zooming into the final week of May, the index continued to trade within a narrow range for most of the week before witnessing a sharp decline during the final hour of Friday’s trading session, which tilted the balance in favour of the bears. While the market remained range-bound for most of the week, the late sell-off has raised an important question—was this merely profit booking or the beginning of a larger directional move?
From a technical standpoint, Nifty continues to trade below all its key moving averages. More importantly, these moving averages have flattened out, indicating the absence of a strong trend. The daily RSI remains in a sideways zone as per the RSI Range Shift framework, while the daily Stochastic oscillator is also moving within a narrow band. Adding to this, the trend strength indicator, Daily ADX, is placed at near 15 level and continues to decline, suggesting a lack of directional momentum in the index. While these indicators point towards a lack of trend, Friday’s late sell-off has injected fresh uncertainty into the market setup.
Talking about crucial levels, on the upside, the 20-day EMA zone of 23,750-23,800 is likely to act as an immediate hurdle for the index. On the downside, the zone of 23,300-23,250 remains a crucial support area. A breach below 23,250 could intensify selling pressure and open the doors for a decline towards the psychologically important 23,000 mark. With the index approaching key support levels, the market’s next move could set the tone for the coming weeks.

Bank Nifty rollover saw a sharper decline and futures data indicates short build-up despite price weakness. Are banking stocks likely to remain drags on the market in the June series?

In the month of May, the banking benchmark index Bank Nifty traded within a narrow range of 3,550 points, marking its tightest monthly range since January 2026. On the monthly timeframe, it has formed a High Wave candle, reflecting market indecisiveness.

During the past week, the index witnessed a strong upmove in the first half; however, it failed to sustain above the 55,500 level and subsequently underwent a sharp correction. This led to the formation of a bearish candle with a long upper shadow, indicating selling pressure at higher levels.

At present, the index is trading below its key moving averages, which are trending downward, suggesting a weak bias. The daily RSI remains in a sideways zone as per the RSI range shift rules, indicating lack of clear momentum.

Going ahead, the 53,500–53,400 zone is expected to act as an important support for the index. A breach below 53,400 could trigger further downside, with the next key support placed around 52,700. On the upside, the 50-day EMA zone of 55,300–55,200 is likely to act as a crucial hurdle.

FIIs reduced nearly 9,800 index shorts while also adding fresh longs. Do you see this as the beginning of a more constructive stance from foreign investors, or is positioning still defensive overall?

There were clear signs of short covering in Index futures between 21st May and 27th May, with FII net Index futures shorts reducing sharply from 2,31,190 contracts to 1,63,012 contracts. This also led to the long-short ratio improving from 11.80% to 16.14%, indicating a relatively constructive shift in positioning.

On Friday, massive short positions were built up leading to net index futures short contracts once again rising to 2,01,309 and the long short ratio dipping to 11.98%. Similar phases of short covering in the past were quickly followed by aggressive selling, causing bullish expectations to fade rapidly. This pattern has persisted for quite some time and is likely to continue until there is greater clarity on the US-Iran deal, a meaningful fall in the Dollar Index (DXY), stability in crude oil prices, and depreciation in the dollar against the rupee. Until these external factors stabilize, FII sentiment is likely to remain cautious rather than decisively bullish.

What are key levels to watch out for in June series? What triggers could push Nifty decisively beyond in either direction?

Talking about crucial levels, on the upside, the 20-day EMA zone of 23,750-23,800 is likely to act as an immediate hurdle for the index. On the downside, the zone of 23,300-23,250 remains a crucial support area. A breach below 23,250 could intensify selling pressure and open the doors for a decline towards the psychologically important 23,000 mark. With the index approaching key support levels, the market’s next move could set the tone for the coming weeks.

IT continues to trade near 52-week lows with elevated open interest and negative carry. Is the sector still witnessing aggressive short positions, and what would it take for sentiment to improve meaningfully?

The Nifty IT Index has rebounded nearly 8% from its 14th May low of 27,078. However, over the last seven sessions, the Index has remained range-bound between 29,747 and 28,678, indicating a lack of strong directional momentum. The RSI remains flat, while a subdued ADX reflects low volatility and absence of trend strength. Additionally, the MACD continues to trade below both the zero line and signal line, highlighting weak underlying momentum.

On the Relative Rotation Graph (RRG), the Index has shifted from the lagging to the improving quadrant, suggesting early signs of momentum recovery, though relative strength remains limited. The Index continues to trade below its 50, 100, and 200-day EMAs, keeping the near-term trend weak. The 29,900–30,000 zone remains a crucial resistance area, and a decisive breakout above this level could trigger a stronger pullback rally in the IT pack.

Given that the broader market structure remains range-bound with elevated volatility, should traders focus more on stock-specific opportunities rather than aggressive index directional bets in the June series?

With the broader market remaining range-bound amid elevated volatility, traders are likely to find better opportunities in stock-specific setups rather than aggressive directional bets on the Index in the June series. The rising ratio line in the Midcap and Smallcap indices relative to Nifty highlights continued outperformance in the broader market space.

Despite the strong bearish candle on 29th May, the overall market structure remains bullish, with no concrete signs of a major reversal yet. Currently, strength is visible in sectors such as private banks, PSU banks, financial services, and select midcap IT names. Meanwhile, the Index continues to react sharply to geopolitical developments, leading to frequent gap-ups and gap-downs that reduce trading clarity. In such an environment, strong price-action structures backed by robust technicals in trending sectors are likely to outperform across market conditions.

What stocks are you looking out for?

For the short term, Tamilnad Mercantile Bank, Nuvama Wealth Management, RR Kabel, Syrma SGS Technology, Krishna Institute of Medical Sciences (KIMS), and Minda Corporation are looking attractive based on their current market setup.

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

SAN ANTONIO — Victor Wembanyama’s meteoric rise has ignited one of the most provocative debates in modern NBA history: Is the 22-year-old Spurs superstar already surpassing the legendary dominance of Shaquille O’Neal at a comparable stage of their careers? While Shaq’s physical force defined an era, Wembanyama’s unprecedented blend of size, skill and defensive impact in the 2026 playoffs has many observers drawing direct comparisons — and leaning toward the Frenchman as a generational outlier.

Wembanyama, in just his third NBA season, has delivered playoff performances that echo — and in some statistical categories exceed — the early brilliance of O’Neal. During the 2026 Western Conference finals against the Oklahoma City Thunder, the 7-foot-4 center posted historic numbers, including a 41-point, 24-rebound masterpiece in Game 1 that marked one of the greatest individual playoff performances in recent memory.

Through the early stages of the 2026 postseason, Wembanyama averaged approximately 22.1 points, 12.3 rebounds and 4.0 blocks per game, becoming the youngest player ever to average 20 points, 10 rebounds and four blocks across at least 10 playoff games. He also set the NBA’s postseason blocks record and joined elite company as the first center since O’Neal in 2002 with multiple 30-point games in a Conference Finals series.

Statistical Head-to-Head Career regular-season averages favor the more established O’Neal, who posted 23.7 points per game over 19 seasons compared to Wembanyama’s 23.4 through three years. However, the advanced metrics tell a more nuanced story. Wembanyama has already surpassed O’Neal for the most career games with five or more blocks by a player aged 22 or younger.

In the 2025-26 regular season, Wembanyama averaged 25.0 points, 11.5 rebounds, 3.1 assists and a league-leading 3.1 blocks while shooting efficiently. He became the youngest Defensive Player of the Year in NBA history and the first-ever unanimous winner, claiming all 100 first-place votes.

O’Neal, in his prime with the Orlando Magic and early Lakers years, delivered raw physical dominance with peak seasons approaching 30 points and 13 rebounds. Yet even Shaq has publicly praised Wembanyama as “the first perfect big man that’s ever been created,” citing his shooting, defense, offense and teamwork.

Defensive Legacy Wembanyama’s rim protection and versatility represent a defensive evolution. At 22, he has already anchored one of the league’s top defenses and earned comparisons suggesting he could have a bigger long-term defensive impact than O’Neal. His ability to contest shots from the perimeter while erasing attempts at the rim creates unique problems for opponents.

An anonymous Western Conference executive captured the sentiment: “At least Shaq was human in the sense that you needed three centers to bang with him… But there’s no archetype like (Wembanyama) — no player ever. It’s a problem, and it’s going to be a problem for 15 years.”

Offensive Versatility Where O’Neal relied on overwhelming power and post dominance, Wembanyama offers a more expansive offensive toolkit. His shooting range, passing vision and ability to create for teammates differentiate him from traditional centers. In the 2026 playoffs, he has demonstrated comfort operating from the high post, stretching defenses and finishing with finesse.

Still, detractors note that O’Neal’s peak included three consecutive NBA championships and Finals MVPs with the Lakers, feats Wembanyama has yet to approach. Shaq’s physicality in his prime forced teams into desperate matchup strategies rarely seen today.

Cultural and Market Impact Both players transformed their franchises upon arrival. O’Neal helped elevate the Magic and later powered the Lakers’ dynasty. Wembanyama has resurrected the Spurs, leading them deep into the 2026 playoffs and restoring excitement to a once-proud franchise. His global appeal, particularly in Europe, mirrors O’Neal’s larger-than-life persona but with a modern, multifaceted twist.

Shaquille O’Neal has reacted positively to Wembanyama’s ascent, calling him a joy to watch and acknowledging the uniqueness of his game. This endorsement from one of the most dominant big men ever carries significant weight in the ongoing conversation.

The Verdict Remains Premature At this stage, most analysts conclude that while Wembanyama has achieved unprecedented early success and possesses a skill set that could ultimately eclipse O’Neal’s legacy, it is too soon for a definitive declaration. Longevity, championships and sustained excellence remain the true measures of greatness.

Wembanyama’s combination of length, coordination and basketball IQ evokes comparisons not just to Shaq but to a hypothetical fusion of elite big men across eras. His ability to impact winning at both ends while maintaining efficiency sets a new standard for the position.

As the 2026 playoffs continue, Wembanyama has the opportunity to further cement his place in the conversation. Should he lead the Spurs to a championship run at such a young age, the debate will intensify. For now, the basketball world watches with fascination as one of the most unique talents in league history chases — and in some ways redefines — the benchmarks set by a legend.

The comparison ultimately highlights the evolution of the center position. Where Shaq dominated through sheer force, Wembanyama represents the modern ideal: a mobile, skilled giant capable of adapting to today’s pace-and-space game while retaining old-school rim protection. Whether he surpasses O’Neal’s overall career remains a question for the next decade, but in 2026, the young phenom has already forced the NBA to reconsider what peak dominance looks like.

This article was written by

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Jupiter Wagons, a private company in the railway sector, reported a consolidated net profit of Rs 29 crore for the March quarter of FY26, marking a massive 72% decline from Rs 103 crore posted in the same period last year. The profit is attributable to the owners of the company.

The company’s revenue from operations came in at Rs 780 crore, also down 25% from Rs 1,044 crore reported in the corresponding quarter of the previous financial year.

The company’s EBITDA came in at Rs 83 crore, reporting a substantial drop of 46% from Rs 153 crore in the fourth quarter of the previous financial year. Its EBITDA margin also came in lower, down by 410 basis points to 10.6% from 14.7% in the fourth quarter of financial year 2025.

The company’s expenses for the quarter came in at Rs 731 crore, down 20% from Rs 923 crore in Q4FY25, the company said in a regulatory filing.

For the full year under review, revenue from operations came in at Rs 2,916 crore, lower by more than 26% or Rs 1,047 crore, from Rs 3,963.27 crore posted in the previous financial year.

Profit after tax declined 56% to Rs 166 crore, down from Rs 380 crore posted in FY25, the company said on Saturday.
Jupiter Wagons shares have declined 14% since the beginning of the year and about 26% in the past 1 year. The stock has been in the news off late after a report said Indian Railways is preparing to launch a mega Rs 40,000-crore tender to procure 1 lakh freight wagons over the next three to four years.

Last month, international brokerage Jefferies initiated coverage on Jupiter Wagons with an ‘Underperform’ rating and a target price of Rs 200, implying a potential downside of 31% from Rs 290. Jefferies expects growth at Jupiter Wagons to moderate as the business remains heavily dependent on the lower-growth freight wagon segment.

The brokerage estimates a 23% EPS CAGR for Jupiter Wagons over FY26-30, significantly lower than Titagarh’s projected 43%, with wagons expected to continue contributing more than 60% of overall sales even by FY28. It also said the company’s new wheel manufacturing facility is likely to make a meaningful contribution only after FY28.

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

CLEVELAND — Cleveland Cavaliers guard Donovan Mitchell pushed back against criticism of teammate James Harden’s performance in the 2026 Eastern Conference finals, drawing comparisons to NBA legends Michael Jordan and LeBron James to highlight the difference between early struggles and ultimate success. The Cavaliers were swept by the Boston Celtics in the series, with Harden facing sharp scrutiny for his diminished output.

Harden, acquired by Cleveland before the trade deadline to provide playoff experience alongside Mitchell, averaged just 16.0 points per game in the Eastern Conference finals while shooting 38.9% from the field and 17.9% from three-point range. His assist numbers also dipped to 3.0 per game, and defensive lapses were noted by observers. The performance marked a disappointing return to the conference finals stage for the veteran guard.

Mitchell, however, refused to place blame on his backcourt partner. Speaking after the series, he emphasized Harden’s body of work over nine seasons and criticized what he called a cultural focus on failures rather than achievements. “I’ve watched Harden for nine years,” Mitchell said. “I’ve watched it and to see it firsthand, the work ethic, the passion, the IQ, the leadership. The man just gets a bad rep.”

He continued by referencing historical context for superstar players. “Yeah, sure, has he had some rough moments? I’m sure we all have. LeBron is one of the greatest players ever. We don’t really speak on the Mavericks Finals when he struggled. We don’t speak on Jordan taking eight years to get to the Finals. We speak on the wins.”

Jordan did not reach the NBA Finals until his seventh season in 1991, after multiple early playoff exits against strong Eastern Conference competition, including the Detroit Pistons. James, in his first Finals appearance with the Miami Heat in 2011, struggled notably as his team fell to the Dallas Mavericks in six games. Mitchell used these examples to argue for perspective on Harden’s career trajectory.

Mitchell also referenced actor Denzel Washington’s three Oscar wins alongside eight losses. “I saw Denzel say this. He’s won three Oscars. And the first thing he said to the interviewer was like, ‘Yeah, but I lost eight times.’ We don’t talk about that, right? We talk about what? Success, success, success. We don’t talk about the failures,” Mitchell added.

The comments come as the Cavaliers reflect on a season that raised expectations with the Harden addition but ended in a sweep. Harden, a former MVP and 10-time All-Star, has faced consistent questions about his postseason performances throughout his career, particularly as the primary option. His only NBA Finals appearance came in 2012 as a sixth man with the Oklahoma City Thunder. As the lead player for the Houston Rockets, he reached the Western Conference finals in 2018 but could not advance further.

NBA analysts offered mixed reactions to Mitchell’s defense. Some praised the loyalty and focus on long-term narratives, while others noted that Harden’s recent output, particularly his efficiency and defensive engagement, fell below expectations for a player brought in to elevate a contending roster. The Cavaliers’ front office had viewed the trade as a move to pair Mitchell with a proven creator capable of performing in high-stakes games.

Harden’s regular-season contributions with Cleveland helped the team secure strong positioning, but the postseason exposed challenges in adapting to a supporting role behind Mitchell while still shouldering significant offensive responsibility. His usage rate remained high, yet scoring efficiency declined against Boston’s physical defense.

The broader conversation reflects ongoing debates in NBA culture about player legacies. Supporters of Harden point to his revolutionary impact on offensive spacing and step-back shooting, innovations that influenced a generation of guards. Critics focus on his teams’ repeated postseason exits before reaching the Finals as the undisputed leader.

Mitchell’s remarks also underscore team chemistry priorities as the Cavaliers look toward the offseason. With both players under contract, Cleveland management must decide whether to build around the duo or pursue additional roster adjustments. Mitchell, a perennial All-Star, has expressed commitment to winning in Cleveland after earlier stints with the Utah Jazz.

League observers note that public defenses like Mitchell’s are relatively rare in the modern NBA, where individual accountability often dominates post-series analysis. By invoking Jordan — widely regarded as the greatest player ever — and James, a four-time champion, Mitchell sought to reframe the narrative around resilience and eventual triumph rather than isolated shortcomings.

Jordan’s path included six consecutive first-round or conference exits before his breakthrough championship run with the Chicago Bulls. James rebounded from the 2011 Finals disappointment to win two titles with Miami and later deliver championships for Cleveland and Los Angeles. These arcs provide historical precedent for patience with star players navigating playoff pressure.

For Harden, now in his mid-30s, the 2026 postseason represents another chapter in a lengthy career. He has previously addressed critiques about his conditioning and playoff performances, emphasizing adaptation to new systems and roles. The Cavaliers’ coaching staff highlighted his leadership in the locker room despite on-court challenges.

The timing of Mitchell’s comments arrives amid heightened media scrutiny of star performances in an era of player movement and superteam formations. Social media amplified both praise for his teammate loyalty and skepticism about excusing subpar statistical output in elimination games.

Cleveland’s season demonstrated promise, with strong regular-season wins and individual accolades, yet the swift conference finals exit has prompted questions about roster construction and playoff readiness. General Manager Mike Gansey and the front office are expected to evaluate free agency and trade options with an eye toward complementing the Mitchell-Harden backcourt.

As the NBA offseason begins, Mitchell’s public stance may help shield Harden from some internal pressure while signaling unity to the fan base. The guard’s comparison to cultural icons like Washington further illustrated his point about society’s selective memory regarding success versus failure.

Ultimately, the 2026 Eastern Conference finals served as another test for veteran leadership in the league’s evolving landscape. Whether Harden can rebound and contribute to a deeper playoff run next season remains to be seen, but Mitchell’s defense provides a counterpoint to immediate criticism and invites reflection on how NBA legacies are constructed over time.

The Cavaliers will look to address defensive inconsistencies and perimeter shooting depth in the coming months. For now, Mitchell’s words offer a reminder that championship paths are rarely linear, even for the game’s most accomplished players.