With global markets rattled by geopolitical friction and unpredictable oil prices, keeping your portfolio steady feels tougher than ever. In this exclusive conversation, Devender Singhal, Fund Manager at Kotak Mutual Fund, explains how a disciplined multi-asset strategy takes the emotion out of investing, shields your wealth from sudden shocks, and builds long-term resilience in 2026.

Edited excerpts from a chat:

What role can multi-asset allocation funds play during periods of elevated uncertainty and market volatility like the one we are going through today?
With West Asia tensions, oil volatility, and uneven global growth, multi-asset funds can play a useful role in helping investors stay invested through uncertainty. The idea is to balance risk across asset classes that do not move in the same direction all the time.
A lot of people who are already invested in equity funds often buy gold funds/ETFs separately. Where does multi-asset funds fit in one’s portfolio?

Many investors already hold equity and gold separately, but a multi-asset fund offers a more disciplined and convenient way to bring those exposures together. It also takes care of rebalancing, which is important when markets become noisy and investor emotions tend to run high.
How do you see the interest rate cycle evolving globally and in India, and what implications could this have for asset allocation?
The global rate cycle is still evolving, but inflation risks have not gone away, especially if crude oil remains volatile. In this backdrop, a balanced asset allocation approach makes sense, with equity, debt, and gold all playing their respective roles.

How do you decide when to increase or reduce exposure to equities within a multi-asset framework?
Within a multi-asset framework, equity exposure is adjusted based on valuations, earnings visibility, and the broader macro backdrop. We continue to prefer quality businesses with strong balance sheets, pricing power, and the ability to weather external shocks.

What kind of equity sectors or themes are you constructive on despite concerns around the impact of soaring crude oil on the Indian economy?
Even with concerns around higher crude, we remain constructive on businesses with domestic demand visibility and limited sensitivity to input-cost pressure. Select financials, capital goods, and export-oriented names continue to offer opportunities, though valuation discipline remains key.

Ever since gold peaked out in the current cycle, how has your allocation changed? What is your current asset allocation mix in the fund?
Gold has once again shown why it remains an important part of a diversified portfolio. In periods of geopolitical stress and market uncertainty, it can help provide stability and act as a hedge against risk.

For investors entering markets at current levels, what would be the ideal portfolio strategy over a 3–5 year horizon?
For investors entering the market now, a phased approach is preferable to trying to time the perfect entry. Over a 3–5 year horizon, a diversified portfolio with systematic investing can help investors stay disciplined and participate in long-term wealth creation.

If you had to make the case for multi-asset investing in one line for 2026, what would it be?
In 2026, multi-asset investing is about staying invested, staying diversified, and staying resilient in a world that can be disrupted quickly by oil, policy, and geopolitics.

Mumbai: India’s listed brokers and exchanges posted strong earnings growth in the March quarter, boosted by the surge in Margin Trading Facility (MTF) and the impact of a favourable base effect.

Among listed brokers such as Billionbrains Garage Ventures (Groww), Angel One, IIFL Capital Services and Anand Rathi Share & Stock Brokers, standalone revenues rose between 3% and 23% in the March quarter from Oct-Dec, while standalone profit after tax grew 11% to 43%.

Motilal Oswal Financial Services‘ revenues fell 23% sequentially, while it reported a loss of ₹48.9 crore in the quarter.

The consolidated profit after tax of BSE and NSE rose 33% and 19%, respectively, while revenues grew 26% and 27% during the quarter. “We saw a strong fourth quarter performance across listed exchanges and brokers, supported by a favourable base effect after last year’s decline in derivatives volumes,” said Ashish Nanda, chief digital business officer, Kotak Securities. “Higher market volatility around the Budget period, strong commodity trading activity as gold and silver prices peaked, and elevated VIX levels amid the US-Iran conflict also drove volumes higher.”

Industry officials said the improvement in earnings was also aided by diversification beyond core broking income, particularly through distribution and margin trading funding (MTF). “Brokers have aggressively scaled MTF books,” said Roop Bhootra, whole-time director at Anand Rathi Share and Stock Brokers.

“MTF provides leveraged cash equity exposure with broker-funded margins, generating interest income (with brokerage revenue) that hedges against volatility in broking income and offsets any F&O moderation,” Bhootra said.
Higher trading activity, particularly in options, also supported earnings momentum. The March quarter saw strong revenue growth led by higher options trading activity, as traders shifted from futures after the STT hike announcement, even before the new rates took effect, said Pranay Aggarwal, director and CEO of Stoxkart.NSE had earlier said that its average daily traded volume for equity options (premium value) rose 43% in March compared with the December quarter. Aggarwal said brokers are evolving into ‘pseudo-NBFCs’.

“Products like algo trading, where brokers charge brokerage and subscription or API fees, are gaining traction. Brokers are also expanding into wealth management, insurance, online FDs and other offerings to reduce the seasonality and volatility of pure-play broking income,” he said.

Stock performance has been mixed so far in 2026.

ET Intelligence Group: The combined gold holdings of three major listed gold loan companies including Muthoot Finance, Manappuram Finance, and IIFL Finance rose by 20 tonnes to a record 334 tonnes in FY26, marking the biggest annual increase in the past three years. The size of their combined holding compared with the RBI’s gold reserves increased to 38% from 36% a year ago. The three gold loan companies also held more gold than several major central banks in the world including the United Kingdom at 310 tonnes, Brazil at 172 tonnes, and Singapore at 194 tonnes, the data from World Gold Council showed.

Their holdings were nearly half or 46% of India’s annual gold imports. The country’s gold import fell by nearly 5% year-on-year to 721 tonnes in FY26, according to the commerce ministry data.

The rise in gold holdings in FY26 was driven by IIFL Finance, which added 19 tonnes of yellow metal during the year. The company’s gold loan business was hit by regulatory action in FY25. The RBI had barred the company from issuing fresh gold loans for over six months starting March 2024. Following the lifting of restrictions, its gold holdings recovered to around 60 tonnes in FY26, broadly in line with levels seen in previous years.

The gold holding of Muthoot Finance, the largest player in gold financing, fell by seven tonnes or 3.2% year-on-year to 209 tonnes in FY26. Antu Eapen Thomas, senior research analyst, Geojit Investments attributes the fall to sharp increase in gold prices during the year. “Higher prices enable borrowers to secure the same loan amount by pledging a smaller quantity of gold,” Eapen said.

The third listed gold loan company Manappuram Finance reported a record 63 tonnes of gold holding in FY26, up seven tonnes or 11.7% from the previous year. “Manappuram has stepped up gold loan financing, especially after the microfinance sector started showing higher delinquencies,” Eapen said.

At the end of March 2026, the RBI held 880.5 tonnes of gold, similar to the year-ago level of 879.6 tonnes. Of this, 680 tonnes were stored domestically, 197.7 tonnes with the Bank of England and the Bank for International Settlements (BIS), and 2.8 tonnes in gold deposits.

In the Nifty500 pack, 6 stocks’ closing prices crossed below their 200 DMA (Daily Moving Averages) on May 26, according to stockedge.com’s technical scan data. Trading below the 200 DMA is considered a negative signal because it indicates that the stock’s price is below its long-term trend line. The 200 DMA is a key indicator traders use to determine the overall trend in a particular stock. Take a look:

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Japan’s Nikkei share average rose to a record high on Wednesday, as gains in index heavyweight chip-related equities outweighed losses in financials and other value shares.

The Nikkei (.N225), opens new tab ‌was up 1.25% at 65,811.78, as of 0147 GMT, after rising as much as 2.2% earlier in the day to hit a record intraday high of 66,428.81. The broader Topix (.TOPX), opens new tab edged 0.15% higher to 3,944.19.

“Investor money is concentrated on high-flying chip-related shares. Value shares are ⁠left out as there is no need to buy them when technology shares are giving solid returns,” said Kazuaki Shimada, chief strategist at IwaiCosmo Securities.

“The market mirrored the U.S. performance overnight, where semiconductor stocks led the rise and the Dow fell.”

The S&P 500 and Nasdaq hit record closing highs on Tuesday, as AI-fuelled optimism offset anxiety over Middle East peace talks — concerns that were compounded by recent U.S. strikes on Iran. The ‌Dow ⁠Jones Industrial Average (.DJI), opens new tab fell 0.23%.

In Japan, chip-making equipment maker Tokyo Electron (8035.T), opens new tab and chip-testing equipment maker Advantest (6857.T), opens new tab rose more than 5% each.
Bucking the trend, SoftBank Group (9984.T), opens new tab slipped 4.3%. Chip designer Socionext (6526.T), opens new tab fell 5.8% to become the worst percentage loser on the Nikkei.”Even ⁠within the AI-theme stocks, investors are rotating their targets,” said Shuutarou Yasuda, a market analyst at Tokai Tokyo Intelligence Laboratory.
Bank shares fell, with Mitsubishi UFJ Financial Group (8306.T), opens new tab ⁠and Mizuho Financial Group (8411.T), opens new tab slipping 0.49% and 0.95%, respectively.

The Topix’s bank index (.IBNKS.T), opens new tab declined 0.76%. The real estate index (.IRLTY.T), opens new tab lost 1.48% to become the ⁠worst performer among the 33 industry sub-indexes.

Of the nearly 1,600 stocks trading on the Tokyo Stock Exchange‘s prime market, 44% rose, 52% fell, and 3% traded flat.