Indian markets are witnessing notable developments across banking, capital goods, and infrastructure segments, according to Dipan Mehta, Director, Elixir Equities.

PSU Banks Gain Ground
“Plenty happening within Indian markets. PSU banks are doing very well for themselves. In fact, the Nifty Bank has outperformed in the last couple of days,” Mehta said in an interview to ET Now. He highlighted that PSU banks are closing a multi-decade gap with private sector banks in both valuations and performance.

“There was a time when private sector banks were gaining market share. Their growth rates were far superior, anywhere from double the growth rates of the industry, and the PSU banks’ NPA levels were well below. But now many PSU banks are giving private sector banks a run for their money, and investors recognize that. Balance sheet qualities are far better, they are back into growth mode, and that is reflected in the stock prices. Still, there is a lot of gap between the two segments within the banking industry,” he added.

Mehta believes the rerating of PSU banks is likely to continue, but cautions that sustaining current NIMs in an increasingly competitive banking sector will be challenging.

Capital Goods Sector on an Upward Trajectory
On capital goods companies like BHEL, Mehta emphasized the significance of execution. “Execution is the biggest risk in capital goods manufacturing companies, and sometimes execution is not only at their end but also at the customer end because sometimes the customer is not ready to let the project go ahead.”

Despite execution risks, Mehta sees strong potential due to robust order books and capex cycles. “We are in a nice upward cycle as far as capex is concerned, and across the board, capital goods, engineering, procurement, and construction companies are sitting on record order book positions, great earning visibility for the next two to three years, and reasonable valuations.” He also favors companies with overseas orders such as L&T and KEC International, which benefit from diversified revenue streams.
FMCG Leadership and Investment Caution
Mehta expressed caution on FMCG stocks like Dabur. “Frankly, Dabur has just gone off the grid, and so is the case with a lot of FMCG stocks. We just do not track them anymore because, for us, the benchmark to evaluate a company is at least it should grow more than the nominal GDP growth rate, which is 11% or thereabouts. If a business is not growing topline growth of more than 11%, it just kind of falls through our grid. I do not have any view on Dabur or FMCG for that matter, or rather I have a view, and that is negative. Investors who are there in this stock need to diversify out of FMCG.”Infrastructure and Engineering Opportunities
Mehta highlighted the enduring strength of companies with large and diversified order books. “You must have a large proportion of your portfolio in all these engineering, procurement, and construction companies, and the best bet still remains L&T. It is hitting an all-time high, and as I said earlier, we prefer companies which have a diversified order base. L&T has almost 40-50% revenues on order books from outside India, and those order books are at reasonable margins. Certain projects within India can only be executed by L&T, putting them in a different league altogether.”

Other firms of interest include VA Tech Wabag, focused on water projects, as well as various power equipment companies covering solar, wind, and electric distribution equipment.

Wires and Cable Sector
On the wires and cable space, Mehta noted strong quarterly performance despite rising copper prices. “The numbers coming from the cable industry certainly seem to surprise us quarter after quarter. Despite increases in copper prices, they have been able to pass on the price increases and improve their margins. A lot of these companies have built solid brands, which is difficult for new entrants to replicate. The industry is doing well because of investment in renewable energy, which requires more transmission and copper cables, and also due to industrialization and data centres, all of which improve demand for cables.”

However, he cautioned on valuations. “I would remain invested, only reason it is not a buy for us is because the valuations are very rich. They are trading anywhere from 40 to 60 times, which is expensive considering it is largely a B2B business and there is no real product differentiation over there.”

The days of booking your flights six months in advance to save a buck are officially over.

According to Expedia’s 2026 Air Hacks Report, the early bird is now getting stuck with the bill, while a new wave of Friday flyers is reaping the rewards.

As domestic airfares tick up 3% this year, a massive shift in travel data reveals that Friday has dethroned the weekend as the cheapest day to both book and fly — saving savvy travelers hundreds on everything from quick trips to Las Vegas to international treks to Tokyo.

“Flight trends are constantly evolving and with Friday emerging as both the busiest day for air travel and also the most affordable, this leads us to believe it is a shift in business class behaviors driving this,” Expedia told Fox News Digital in a statement. “This opens up a great opportunity for leisure travelers [though] to start their weekend trips a day earlier, with Friday more affordable than Saturday departures.”

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The report found that booking a flight on a Friday saves 3% versus booking during the weekend rush. Meanwhile, flying on a Friday versus Sunday can save travelers up to 8%.

August reigns as the most affordable month to fly, saving airline travelers an average of $120 per ticket – 29% cheaper than flying at the same time in December. Flights to Morelia, Mexico, Tokyo, Japan and Honduras are seeing 30%+ year-over-year price declines.

“This is the second year in a row where August has been the most affordable month to fly,” Expedia said. “It seems to be here to stay, so that offers American vacationers a great opportunity to take an affordable, big annual vacation during peak season.”

Domestic first-class fares have plummeted 27% year-over-year, as the report also signals a “micro-cation” boom with 25% of Gen Z and Millennials skipping hotels entirely and opting for 24-hour extreme day trips.

“Business travelers head home earlier in the week these days, so new opportunities are opening up for leisure travelers to save by choosing smarter travel days, like Friday for the best prices or Tuesday for fewer crowds,” Expedia Group Brands public relations head Melanie Fish said in a press release.

“With a year of data from Expedia’s Flight Deals now in – which highlights routes and dates priced at least 20% lower than the norm – July and October are emerging as two of the best months to travel to secure these high-quality fares,” she continued.

Additionally, the online travel agency broke down how to time the flying market and when to book as opposed to when to fly. The alleged “Goldilocks” booking window opens for domestic flights 15 to 30 days out and saves $130 compared to booking six months earlier.

If you’re trying to avoid crowds altogether, per Expedia’s data, Tuesday is the least busy day of the week to fly — with the slowest travel dates in 2026 predicted to be Feb. 25, March 4 and Nov. 18. On the other hand, the busiest dates to fly this year are predicted to be May 22, July 3 and Aug. 29.

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“September is still the second most affordable month, so we may see ‘big vacations’ extend into September for those budget-conscious travelers. With December being the most expensive month to fly, that could also lead travelers to shifting their trip types during that month to focus more on domestic stays, road trips or breaks close to home, versus hopping on a plane,” Expedia said.

Airports including Fort Lauderdale, Las Vegas and Orlando were hailed as the affordability kings for having ticket prices 25% below the national average. At Washington Dulles, San Francisco and New York-JFK, you could break your budget by spending 25% or more than national average prices.

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America’s hottest housing markets aren’t in flashy coastal cities — they’re in communities across the Midwest and South.

Even as the national market cools, areas in states like Missouri and Kentucky are seeing double-digit price growth while remaining within reach for middle-income buyers.

Recent data from the National Association of Realtors (NAR) ranked the top five single-family metro areas with the highest home price appreciation last quarter.

Missouri’s Cape Girardeau held the top spot with a nearly 20% yearly increase and a $275,000 median home price, followed by Cumberland, Maryland, up 17.1% with a $174,900 median home price; Owensboro, Kentucky, up 15% with a $264,000 median home price; Anniston-Oxford, Alabama, with a 14.9% increase and $175,103 median home price; and Mobile, Alabama, which appreciated 13.7% at a median home price of $216,235.

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The numbers signal strength in smaller, more affordable pockets of American cities and that housing opportunities remain highest outside expensive urban cores. Migration toward lower-cost regions also continues to shape market dynamics.

In contrast, the bottom five single-family metro areas that had the slowest price appreciation were Elmira, New York; Farmington, New Mexico; Boulder, Colorado; Pueblo, Colorado; and Cleveland, Tennessee, with NAR noting that some overheated markets are correcting and higher-cost Western markets show pressure.

Additionally, America’s national median home prices rose 1.2% year-over-year to $414,900, signaling market resilience despite economic headwinds, while monthly mortgage payments fell 5.7% – to $2,057 – from the previous year.

The housing market has cooled this winter with the annual pace of home price growth easing to levels unseen since the nation was recovering from the Great Recession. While some areas continue to see strong price growth, others, like Hawaii, California, Texas and Florida, have seen notable declines.

As of last week, mortgage affordability was at a four-year high after rates fell in January, with the White House touting President Donald Trump’s economic policies and maintaining his promise to “unlock” the opportunity of homeownership for American families.

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As of Tuesday afternoon, the 30-year fixed-rate mortgage averaged 6.09%, down from last week’s 6.11%, Freddie Mac reports. This time last year, the 30-year rate was at 6.87%.

“Joe Biden’s inflation crisis crushed the dream of homeownership for millions of Americans — but President Trump is bringing it back,” White House press secretary Karoline Leavitt previously told Fox News Digital. “Thanks to the President’s successful economic policies, unnecessary red tape is being cut at a historic pace, borrowing costs are easing, and income growth is outpacing home price gains — finally making housing more affordable again.”

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FOX Business’ Eric Revell and Brooke Singman contributed to this report.

India’s IT services sector continues to inspire confidence on the strength of its business models even as investors weigh valuations and long-term growth prospects in an AI-driven world. Insights from Infosys’ recent AI Day and investor interactions have helped clarify many concerns.

Speaking to ET Now, Sandip Agarwal, Sowilo Investment Managers said the company’s presentations addressed confusion among investors. While he remains cautious on valuations, he sees the sector’s fundamentals as robust.

“I do not think there is any confusion that the business models are very robust, built over four-five decades. We are the software factory of the world, no one can execute at our pace, scale, and price. Business model-wise they are doing a great job. The opportunities they spoke about, the legacy that needs reskilling and AI alignment, are very big.”

“My only issue has been with valuations. Stocks have corrected 30-40% in the past year, so there is some comfort, but I would wait for more numbers before changing my view.”

Business models evolving with disruption

Agarwal highlighted that Indian IT firms have historically adapted to technological disruption through reskilling and aligning with client needs — a pattern he expects to continue with AI adoption.
“Our business model is simple. We serve top Fortune 500 clients, recruit from campuses, train at scale, and reskill to client requirements. Every disruption slowed growth temporarily, then pent-up demand came back. The only change now is client effort may drop 20-30% due to AI.”
“If IT services growth continues despite reduced effort, my low-growth view may be wrong, and we could see a massive rerating. But structural changes — broader market participation and smaller deals — keep me cautious.”
Strong preparedness across peers
On other major IT players, Agarwal expressed confidence that the industry is well placed for AI implementation and services.

“We may not be in hardware or LLM development, but implementation of AI, building agents, and services — we are the best. Large and mid-sized companies are doing phenomenal work. In 2–3 years, AI revenue could drive 30-35% for these firms.”

The road ahead
While optimism around AI-led opportunities remains, investors are closely watching how quickly demand materialises and whether valuations reflect potential slower growth and increased competition. For now, the sector appears resilient, but conviction may depend on clearer revenue evidence in upcoming quarters.

A critical trust fund that helps finance Social Security benefits is on track to reach insolvency in 2032, when automatic benefit cuts would occur without action from Congress, a new report finds.

The nonpartisan Congressional Budget Office (CBO) released its 10-year budget and economic outlook which projected that Social Security’s Old-Age and Survivors Insurance (OASI) trust fund will be depleted in 2032 as spending outpaces the trust fund’s income – with the gap growing over time.

CBO estimates that spending from Social Security’s OASI trust fund will rise from $1.5 trillion this fiscal year to more than $2.5 trillion in 2036. After accounting for tax receipts and interest income, the projected deficit for the trust fund rises from $207 billion this year to $525 billion in 2032, when the trust fund is depleted, and continues to rise to $691 billion in 2036, assuming full benefits are paid out.

Social Security benefits are funded by payroll tax receipts along with the OASI trust fund, and once the trust fund is tapped out, the federal government would only be able to pay out in benefits what it receives from payroll taxes under the law – meaning benefits would face cuts without action by Congress.

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The CBO explained that “the government would continue to collect excise and payroll taxes designated for the funds, and the funds would continue to make payments. But because the government would not have the legal authority to make payments in excess of receipts, it would no longer be able to pay the full amounts scheduled or projected under current law.”

An illustrative scenario examined by the CBO finds that benefits paid to beneficiaries would be cut by 7% in 2032 and by an average of 28% per year from 2033 to 2036. It also notes that the process for cutting benefits isn’t outlined in federal law, and that different ways of cutting Social Security benefits to match incoming tax revenue would have different implications for the economy and budget.

The Committee for a Responsible Federal Budget (CRFB), a nonpartisan think tank, previously estimated based on a 24% benefit reduction that a typical couple aged 60 today who retires at the time of insolvency would face an $18,400 cut to their annual benefits. 

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The threat of insolvency looming over Social Security’s key trust fund comes as spending on the entitlement program is surging amid the aging of America’s population.

Social Security spending as a share of gross domestic product (GDP) averaged 4.5% from 1976 to 2025. It’s projected to rise from 5.2% of GDP this year to 5.9% in 2036. In dollar terms, Social Security spending is estimated at over $1.6 trillion in 2026 and is projected to rise above $2.7 trillion a decade from now.

Mandatory spending programs, including Social Security and Medicare, are key drivers of the rise in federal spending and budget deficits. For the 1976-2025 period, mandatory spending accounted for 11.2% of GDP, but it’s projected to reach 14.2% of GDP this year and rise further to 15% by 2036. 

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Expenses from mandatory programs are projected to total $4.5 trillion in 2026, making up the bulk of the federal government’s more than $7.4 trillion in spending this year. A decade from now, mandatory spending is projected to account for over $7 trillion of the $11.4 trillion federal budget.

Discretionary spending, which covers federal agencies through the annual appropriations process in Congress, is expected to total nearly $1.9 trillion in 2026 and rise to $2.2 trillion over the next decade.

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Interest expenses incurred from servicing the national debt are also projected to increase from $1 trillion in 2026 to more than $2.1 trillion in 2036.

Buffalo Wild Wings can keep calling its menu item “boneless wings” as such, a federal judge ruled Tuesday, dismissing a lawsuit that claimed the name amounted to false advertising.

U.S. District Judge John Tharp in Illinois issued a 10-page ruling allowing the sports bar chain to continue calling its menu item “boneless wings,” after a Chicago man filed a lawsuit accusing the restaurant of false advertising, saying the boneless wings were overpriced because they are essentially chicken nuggets.

While Aimen Halim argued in the lawsuit that Buffalo Wild Wings should call the product something different, like “chicken poppers,” Tharp said the argument had no meat on its bones.

“Halim did not ‘drum’ up enough factual allegations to state a claim,” Tharp wrote. “Though he has standing to bring the claim because he plausibly alleged economic injury, he does not plausibly allege that reasonable consumers are fooled by BWW’s use of the term ‘boneless wings.’”

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Halim sued Buffalo Wild Wings shortly after he visited the restaurant in January 2023, claiming he was deceived by the chain’s marketing.

Halim alleged that the boneless wings are just “slices of chicken breast meat deep-fried like wings,” and that customers would either pay less for the boneless wings or not purchase them at all if they knew what was in the product.

Halim said he later regretted buying the item after learning how it was made, which he claimed caused him to suffer “a financial injury as a result of defendants’ false and deceptive conduct.”

In his ruling, Tharp said that while boneless wings are “essentially chicken nuggets,” the product concept was not new, noting that Buffalo Wild Wings had sold them since 2003.

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“Boneless wings are not a niche product for which a consumer would need to do extensive research to figure out the truth,” he wrote. “Instead, ‘boneless wings’ is a common term that has existed for over two decades.”

Halim accused Buffalo Wild Wings of violating the Illinois Consumer Fraud Act, breach of express warranty, common law fraud and unjust enrichment.

Tharp also cited an Ohio Supreme Court ruling from 2024, where the court ruled that “[a] diner reading ‘boneless wings’ on a menu would no more believe that the restaurant was warranting the absence of bones in the items than believe that the items were made from chicken wings, just as a person eating ‘chicken fingers’ would know that he had not been served fingers.”

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Tharp added that a “reasonable consumer” would not think that the food chain’s boneless wings were “truly deboned chicken wings, reconstituted into some sort of Franken-wing.”

The court is allowing Halim to submit an amended complaint by March 20, although Tharp noted that it “is difficult to imagine” that he can provide additional facts that would demonstrate that Buffalo Wild Wings “is committing a deceptive act.”

FOX Business’ Landon Mion contributed to this report.