US President Donald Trump has lashed out at Australia and other allies for failing to commit warships to secure the Strait of Hormuz.

Trump previously called for support to help secure the strait, which has been closed off by Iran.

Trump Lashes Out at Australia, Other Allies

According to 9News, Trump took to his Truth Social account to lash out over the lack of support in a war that has kept him increasingly isolated.

“Because of the fact that we have had such Military Success, we no longer ‘need,’ or desire, the NATO Countries’ assistance — WE NEVER DID! Likewise, Japan, Australia, or South Korea,” he said in his post.

“In fact, speaking as President of the United States of America, by far the Most Powerful Country Anywhere in the World, WE DO NOT NEED THE HELP OF ANYONE!”

His post, in full, can be viewed below.

Donald J. Trump Truth Social Post 11:18 AM EST 03.17.26

The United States has been informed by most of our NATO “Allies” that they don’t want to get involved with our Military Operation against the Terrorist Regime of Iran, in the Middle East, this, despite the fact that almost…

— Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) March 17, 2026

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Albanese Government Insists No Formal Request Made

Despite Trump insisting that he had spoken to allies regarding his request for warships, Anthony Albanese government has pushed back and said no formal requests have been made regarding the matter.

According to Sky News, Treasurer Jim Chalmers said on Wednesday that “It’s not something that we’ve been considering in terms of sending battleships to the Strait of Hormuz.”

“We get all kinds of requests, but I’m not aware of that being one of them,” he added. “And we’ve made the nature of our military commitment really clear.”

Chalmers reiterated this in an interview with ABC, saying, “There wasn’t a formal request to send ships to the strait.”

“It’s not something that we’ve been considering in the almost daily National Security Committee meetings that have been taking place over the course of the last couple of weeks,” he explained.

Silver- and gold-based exchange-traded funds (ETFs) fell nearly 4% on Wednesday, tracking a mild decline in prices on the MCX. Investors remained cautious as they assessed the potential economic fallout of the Middle East conflict ahead of the upcoming U.S. Federal Reserve policy decision.

The near-term outlook for the yellow metal will hinge on the Federal Reserve’s forward guidance—particularly whether it signals a rate cut this year or opts to hold rates steady amid the evolving geopolitical backdrop.

Also Read | Flexi cap mutual funds record highest inflows for 7 consecutive months. Will the trend continue?

HDFC Silver ETF slipped the most, falling around 4% to hit a day’s low of Rs 233.14 against its previous close of Rs 241.61. Other ETFs in the category declined between 2% and 3%.

Aditya Birla Sun Life Gold ETF fell the most among gold ETFs on Wednesday, dropping nearly 3%, while others were down 1%–2%.

Anup Bhaiya, Founder of Money Honey Wealth Services, told ETMutualFunds that gold steadied around the $5,000 mark amid ongoing geopolitical and inflation uncertainties, while silver consolidated near $79–$80.
He added that this presents a strategic opportunity for investors to accumulate on dips, as both metals retain strong long-term upside potential in a volatile macro environment.
MCX silver futures for May 2026 were down Rs 1,995, or 0.8%, at Rs 2,51,118 per kg. Meanwhile, gold futures for April 2026 delivery declined Rs 336, or 0.2%, to Rs 1,55,649 per 10 grams. Markets are currently pricing in near certainty of a rate hold in the 3.5%–3.75% range.
In international markets, gold prices were largely steady on Wednesday. Spot gold slipped 0.1% to $5,000.77 per ounce as of 0243 GMT, while U.S. gold futures for April delivery also edged down 0.1% to $5,004.60. Spot silver declined 0.4% to $79 per ounce.

Abhishek Bhilwaria, an AMFI-registered MFD at BhilwariaMF, advised that investors should focus on disciplined, consistent investing rather than trying to time current market volatility. He recommended a balanced approach, prioritising large or flexi-cap funds for stability amid global geopolitical risks, while closely tracking U.S. Federal Reserve updates that could shape future trends.

Also Read | Are multiple large & midcap funds hurting your portfolio? Expert suggests tweaks to reach Rs 1.5 crore goal in 15 years

Love Shah, Partner & Principal Officer, ValueX Fund Managers LLP shared with ETMutualFunds that gold remained flat while silver declined close to 4%, with both metals showing a negative bias and higher-for-longer rate expectations and elevated oil prices capped gold, while slowdown concerns weighed on silver’s industrial demand.

Investors may use dips in gold for long-term allocation, though current conditions don’t justify overweight exposure to either metal, Shah further said.

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

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The rupee fell 3 paise to 92.43 against the US dollar in early trade on Wednesday, weighed down by FII outflows and a stronger greenback amid the raging war in West Asia.

A fall in global crude oil prices and a positive opening at the domestic equity markets prevented a sharper decline in the local unit, according to forex traders.

At the interbank foreign exchange, the local unit opened at 92.42 against the greenback before slipping to 92.43, down 3 paise from its previous close.

The domestic unit on Tuesday hit the lowest intra-day level of 92.47 against the dollar before settling at an all-time low of 92.40, down 12 paise from its previous close.

“The rupee has been in a range for the past few days with 92.50 getting protected by the Reserve Bank but FIIs and oil companies are buying dollars on a consistent basis,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

Foreign institutional investors sold equities worth Rs 4,741.22 crore on a net basis on Tuesday, according to exchange data.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.03 per cent higher at 99.60. Brent crude, the global oil benchmark, was trading 1.32 per cent lower at USD 102.0 per barrel in futures trade.

“The Middle East conflict has not changed for the better and has kept oil above USD 100 while dollar index is still well bid at 99.50 though unable to cross the 100.50-mark,” Bhansali said..

On the domestic equity market front, the Sensex was up 373.53 points, or 0.49 per cent, to 76,444.37, while the Nifty rose 114.40 points, or 0.49 per cent, to 23,695.55. PTI

The Rs 400 crore IPO of GSP Crop Science has reached its third and final day of bidding. Grey market signals suggest a cautious outlook, with the grey market premium (GMP) hovering around 0%, indicating expectations of a flat listing.

By the end of Day 2, the issue was subscribed 96% of the 89.47 lakh shares on offer. Non-Institutional Investors (NIIs) showed the strongest demand, subscribing 2.33 times their allocated portion. Meanwhile, retail investor participation remained subdued, with only 20% of their quota subscribed.

The IPO comprises a fresh issue of Rs 240 crore along with an offer for sale (OFS) of Rs 160 crore. The price band is set at Rs 304 to Rs 320 per share. Investors can apply for a minimum of 46 shares, with bids accepted in multiples of 46 thereafter. The company plans to list on both the BSE and NSE, with a tentative listing date of March 24, 2026.

GSP Crop Science IPO Subscription Update

By the close of the second day of bidding, the IPO was subscribed 96% overall, indicating that the issue is close to being fully covered but still awaiting stronger participation in some segments.

Retail Individual Investors (RIIs): The retail portion saw relatively weak demand, with only 20% of the 45.13 lakh shares subscribed, suggesting cautious interest from small investors.
Non-Institutional Investors (NIIs): This segment showed the highest enthusiasm, subscribing 2.33 times their allotted 19.35 lakh shares, reflecting strong demand from high net worth individuals and corporates.Qualified Institutional Buyers (QIBs): Institutional investors also showed healthy participation, with their quota subscribed 1.28 times against 24.99 lakh shares, indicating moderate confidence from large financial institutions.

The IPO is being launched via the book building route, with up to 50% of the issue allocated to Qualified Institutional Buyers (QIBs), 35% reserved for retail investors and the remaining 15% set aside for non-institutional investors.

Also Read | Flexi cap mutual funds record highest inflows for 7 consecutive months. Will the trend continue?

GSP Crop Science IPO: Use of Proceeds

The company intends to primarily utilise the funds raised from the fresh issue to strengthen its balance sheet by reducing debt. Around Rs 170 crore has been allocated for the repayment or prepayment of certain borrowings, while the remaining amount will be deployed for general corporate purposes such as operational and business needs.

GSP Crop Science IPO: Business Profile

GSP Crop Science is a research driven agrochemical company involved in developing and manufacturing a wide range of products, including insecticides, herbicides, fungicides and plant growth regulators. With over 40 years of industry experience, the company focuses on crop protection solutions aimed at enhancing farm productivity and improving agricultural yields.

As of September 2025, GSP Crop Science had a strong portfolio of 524 product registrations, spanning both formulations and technical agrochemicals produced in house.

Financial Performance

The company has demonstrated consistent growth over recent years. For the six month period ending September 2025, it reported revenue from operations of Rs 847 crore and a net profit of Rs 81 crore. In FY25, revenue increased to Rs 1,301 crore from Rs 1,206 crore in FY23, while net profit saw a significant jump to Rs 81.4 crore from Rs 17.5 crore during the same period, reflecting improved profitability.

Lead Managers and Registrar

The IPO is being managed by Equirus Capital and Motilal Oswal Investment Advisors as book running lead managers, while MUFG Intime India has been appointed as the registrar for the issue.

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

A tentative rebound in the markets over the past two sessions has offered some relief to investors, but the bigger question remains—can the recovery sustain?

“Keep your fingers crossed. If there was to be a retracement, a turnaround, a correction, it generally starts like this and then it should gather momentum and it should be trying to build on these gains,” said Dipan Mehta, Director, Elixir Equities in an interview to ET Now, while cautioning that multiple external factors still need to align. He added, “But one should keep a lookout for what the news flow is and of course, the oil prices, and if those kind of settle down, the markets can gradually make a recovery.”

Despite the early signs of stability, Mehta underscored the difficulty in calling a definitive market bottom. “I have been in this situation many times and it is very difficult to call when the bottom is formed and when is the right time to buy and when the recovery will take place, it is just that only a few weeks after it is over and done with you will come to know.” He emphasized that a structural shift in market patterns—from lower tops and bottoms to higher ones—would be the real confirmation of a sustained uptrend.

Pharma: Resilience Beyond Regulatory Noise

On Aurobindo Pharma, recent observations flagged under Form 483 are not seen as a major red flag. Mehta noted that large pharmaceutical companies today operate with diversified manufacturing bases, reducing dependence on a single facility.

“So, I do not think it is much of a cause for concern. More Aurobindo is driven more by good quarterly numbers, overall improvement in sentiment for pharma considering that it is a safe bet in such tumultuous times,” he said. He also highlighted tailwinds such as rupee depreciation and emerging opportunities in weight-loss drugs, alongside improved capital allocation discipline.
Auto Sector: Strong Long-Term Story, Near-Term Moderation
While early indicators point to a slowdown in passenger vehicle retail demand, Mehta believes this is largely a base-effect phenomenon rather than a structural issue.
“These kind of volumes are not really sustainable but nonetheless they are great long-term buys,” he said, expressing preference for companies with strong competitive moats and strategic clarity. Among his top picks are Mahindra & Mahindra and Eicher Motors, both of which feature in his model portfolio.
“Eicher Motors… one of the top auto companies, great prospects to generate growth through exports,” he said, adding that the segment faces limited disruption from electric vehicles. He also sees potential in commercial vehicle makers like Ashok Leyland and Tata Motors, anticipating a cyclical upswing.

However, he advised tempering expectations. “Investors should remain overweight auto but they should reduce their return expectations because these kind of growth rates are not sustainable.”

Real Estate: From Speculation to Cash Flow Discipline
A notable shift is underway in the real estate sector, with companies increasingly focusing on cash flows, realizations, and operational transparency.

“They are like truly consumer companies now and less and less like hedge funds,” Mehta observed, highlighting improved disclosures and business quality. He remains structurally positive, pointing to a potential multi-year upcycle, even if the near term sees some cooling.

Among preferred names are DLF and Prestige, particularly for their annuity income streams. He also flagged interest in commercial real estate plays such as WeWork and Awfis, alongside Phoenix Mills, given tight supply dynamics in office spaces.

Varun Beverages: Summer Tailwind in Focus
On Varun Beverages, Mehta remains optimistic, driven largely by weather expectations.

“What is going to drive Varun Beverages is a very-very hot summer,” he said, citing forecasts of a strong El Niño effect. “Last year was a washout because of untimely rains and not so hot summer, so I am very positive from that point of view.”

Beyond seasonal demand, he pointed to growth opportunities in Africa and diversification into new segments, including potential foray into alcohol beverages. Still, he stressed that volume growth remains the key driver.

Banking: Structural Pressures and Shifting Preferences
Mehta struck a cautious note on the banking sector, citing intensifying competition and structural headwinds.

“The banking industry is quickly becoming a red ocean and I am not sure that the industry will be able to sustain these kind of net interest margins in the medium to long term,” he said. He also pointed to rising competition from fintechs and capital markets drawing away savings.

While acknowledging that PSU banks offer value, he prefers NBFCs as a cleaner play on the lending theme. “The way to play the lending business is in my opinion through the NBFCs,” he said, naming Bajaj Finance, L&T Finance, and Cholamandalam as preferred bets.

He added that high banking sector weightage in benchmark indices itself poses a risk. “37% of Nifty’s weightage is in the bank which in itself is a risk factor… it cannot be sustained over a long period of time.”

Metals: Rally Mature, Caution Warranted
Metal stocks have delivered strong gains, aided by rising commodity prices and a weaker rupee. However, Mehta believes the easy money may have already been made.

“I think that we have seen a nice rally in metal companies… but look these companies have rallied significantly,” he said, suggesting that investors already holding positions may stay invested, but fresh entries should be timed carefully.

He warned that elevated prices across aluminium, copper, and steel could limit further upside in the near term. “From a fresh investment perspective I would wait for a down cycle.”

This article was written by

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