As the earnings season unfolds, India’s top IT companies have delivered a mixed set of results, reflecting both near-term pressures and longer-term structural shifts. With major players having reported their quarterly numbers, market participants are now reassessing sectoral strategies amid global uncertainties and evolving industry dynamics.

Speaking to ET Now, market expert Sandip Sabharwal offered a measured view of the current landscape, highlighting the challenges facing the IT sector and the broader market.

“Overall, the results have been muted. Some companies have disappointed more than others. So, HCL Tech disappointed I guess the most in terms of what they reported and guidance. Infosys also has been soft. TCS, as we look at all the results combined now, TCS seems to have fared the best and both in terms of what they reported and the order flows which they have got, but the industry is obviously challenged,” Sabharwal said.

He pointed to a deeper transformation underway in the IT industry, driven by the shift toward artificial intelligence-led delivery models.

“The transition phase to AI driven delivery from purely numbers-led delivery in terms of hours of manpower, that transition is on, which could lead to subdued growth for this year and maybe possibly next year also and then it will be a question of which companies are able to transform and they will then do well,” he added.

Despite the subdued growth outlook, valuations have become more reasonable. “Valuations overall are not very expensive now because Infosys, for example, trades at just around 15 times earnings which is a level which has been more near a historical turf, but at that time the growth prospects are also greater. But given the fact that they are cash generating, the downside also could be limited. So, it is a picture where you do not see much upside but there could also not be substantial downside,” he noted.
Structural Challenges Weigh on IT
When asked whether investors should avoid IT stocks altogether, Sabharwal leaned toward caution.
“Largely yes, because although all sectors are getting challenged right now because of whatever is happening on the oil and commodity front and potential inflation impact, but IT is a sector which is facing structural issues. So, other sectors might be facing short-term issues due to short-term factors, but this is a sector facing structural issues so that is the main problem,” he said.

A Market for Selective Buying
The broader market, too, is navigating a delicate balance between optimism and uncertainty. While geopolitical tensions and commodity price volatility remain concerns, there are also signs of stability.

“We were aggressive buyers in March but right now I would be very-very selective. So, I would not be a big buyer today because of the sheer rally which has happened and the markets actually seem to be positioned not only in India but globally also on an end game, like the conflict ending in one way or the other,” Sabharwal observed.

He also flagged crude oil prices as a key risk factor for the Indian economy. “The second thing is obviously the oil prices which impact the Indian economy in a significant negative manner if they sustain at such high levels,” he said.

Going forward, he suggests a selective approach, particularly in sectors like automobiles where corrections could create opportunities.

Reliance: A Mixed Outlook
All eyes are also on Reliance Industries as it prepares to announce its results. However, Sabharwal cautioned that forecasting performance may be difficult this quarter.

“Reliance numbers are very tough to call this time because retail and telecom should do fine. But what numbers will come out of oil to chemicals business is very-very tough in the face of whatever has happened in terms of crude prices, export duties being imposed, etc, so that is a segment which I find it very difficult to call,” he said.

Still, he believes the company remains reasonably valued from a long-term perspective.

Financials Remain a Bright Spot
In contrast to IT, the banking and financial sector has shown resilience, supported by strong asset quality.

“Yes, banking and financial numbers have been fine. So, the biggest positive I see in most large financial companies, banks and NBFCs combined is the sheer strength of the asset quality of the book where the asset quality has not deteriorated at all,” Sabharwal said, citing examples such as ICICI Bank and HDFC Bank.

However, he acknowledged emerging risks, including potential interest rate hikes and concerns over inflation and monsoon trends.

Metals May Continue to Shine
Among sectors that could benefit from the current macro environment, metals stand out.

“Yes, metal prices could sustain, as such metal stocks could sustain because there are disruptions related to production and as well as price upticks due to the input prices moving up,” Sabharwal explained.

He added that inflationary conditions typically favor such sectors, with steel companies in particular benefiting from recent price increases.

Key Takeaways
As earnings season progresses, the market narrative is increasingly defined by divergence—between sectors facing structural disruption and those benefiting from cyclical or macroeconomic tailwinds. While IT may remain under pressure in the near term, financials and metals offer relative stability. For investors, the message is clear: this is not a time for broad bets, but for careful, selective positioning.

Australia’s share market has fallen for a fourth-straight session, with banks and miners weighing heavily on the bourse as the Persian Gulf conflict dims the global economic outlook.

The S&P/ASX200 slipped 6.9 points on Friday, down 0.08 per cent, to 8,786.5, as the broader All Ordinaries lost 17.8 points, or 0.08 per cent, to 9,006.4.

The All Ordinaries fell 162.3 points, or 1.77 per cent, for the week.

Energy, utilities stocks and the traditionally defensive consumer staples sector had a positive week, buoyed by rising oil prices with no end in sight to the US-Iran conflict that has strangled a key crude shipping route.

The Australian dollar is buying 71.29 US cents, down from 71.52 US cents on Thursday at 5pm.

Party City is expanding its retail footprint into more than 700 Staples stores nationwide, marking a major distribution push after shuttering hundreds of locations in recent years.

The partnership, announced Tuesday, will bring Party City’s balloons, décor and party supplies into Staples stores and onto its website, with plans to expand to additional locations through 2026.

The move follows a wave of closures tied to financial struggles and restructuring efforts. Instead of reopening standalone stores, the company is betting on partnerships to quickly scale its presence at a lower cost.

The rollout comes just in time for graduation season, a key spending period for retailers. Nearly 4 million students are expected to graduate in 2026, with graduation-related spending topping $6.8 billion last year, according to industry estimates.

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For consumers, the collaboration is designed to streamline event planning by combining party supplies with Staples’ existing print and marketing services. Shoppers will be able to purchase balloons, décor and tableware while also creating customized invitations, banners and signs in one place.

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Staples, long known for office and school supplies, has been expanding its in-store services to drive foot traffic and diversify beyond its traditional business. The addition of Party City products is expected to draw in customers planning celebrations while creating opportunities to boost spending through add-on services like printing and signage.

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As part of the rollout, customers will be able to order party supplies online for in-store pickup, with additional features such as scheduled balloon pickups expected to launch in the coming weeks.

Staples and Party City are also offering promotional deals tied to the launch, including discounts on balloons, decorations and custom printing services.

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The companies said they plan to expand the partnership to more locations over time, signaling a continued push to capture a larger share of event-driven consumer spending.

Jeff Malec Managing Director & Partner has spent 25+ years in the futures industry, from his days as a clerk in the bond futures pits, to manager of multiple commodity-based hedge fund products, to host of RCM’s popular alternative investment podcast, the Derivative. Prior to RCM, Mr. Malec was the founder and CEO of Attain Capital Management, which merged with RCM after 13 years assisting clients with alternative investments. He is the great grandson of Harley Davidson founder Walter S. Davidson, and a former board member of the National Futures Association. He holds the Chartered Alternative Investment Association (CAIA) designation, and has authored hundreds of white papers covering alternative investments.

SYDNEY — Anzac Day will be observed as a public holiday across every Australian state and territory on Saturday, April 25, 2026, but only residents in New South Wales, the Australian Capital Territory and Western Australia will enjoy an additional day off on Monday, April 27, creating uneven long weekends as the nation commemorates its fallen service members.

The variation stems from differing state and territory policies on when public holidays are observed if they fall on a weekend. While April 25 remains the official date for dawn services, marches and remembrance ceremonies nationwide, three jurisdictions have declared the following Monday a substitute holiday to provide workers with a meaningful break.

Fair Work Ombudsman guidance confirms Anzac Day is a national public holiday in all eight states and territories. However, the treatment of the weekend date creates a patchwork. NSW, the ACT and WA will observe both Saturday and Monday as public holidays, while Victoria, Queensland, South Australia, Tasmania and the Northern Territory observe only Saturday.

In New South Wales, Premier Chris Minns’ government confirmed the extra Monday holiday, marking a policy shift. Previously, NSW did not always grant a substitute day when Anzac Day fell on a weekend. This year’s decision gives many workers a rare four-day break from Friday evening through Tuesday morning.

The Australian Capital Territory has aligned with NSW, declaring both days public holidays. ACT Chief Minister Andrew Barr noted the move honors the significance of Anzac Day while recognizing modern workforce needs. Public sector and most private employers will observe the additional Monday.

Western Australia continues its long-standing practice of providing a substitute day when Anzac Day lands on a weekend. The state will observe Saturday, April 25, and Monday, April 27, as public holidays, a policy welcomed by workers and unions.

For the majority of Australians, however, only Saturday counts as the public holiday. In Victoria, Queensland, South Australia, Tasmania and the Northern Territory, businesses and services will largely operate as normal on Monday, April 27. Employees rostered to work Saturday may receive penalty rates or time off in lieu depending on awards and agreements.

The discrepancy has sparked lively debate on social media and talkback radio. Many in non-substitute states expressed disappointment at missing a long weekend, while others argued that the solemn nature of Anzac Day should focus on commemoration rather than extra leisure time. Unions have used the occasion to renew calls for more consistent national public holiday rules.

Anzac Day holds profound cultural importance. The date marks the 1915 landing of Australian and New Zealand troops at Gallipoli. Dawn services, marches and community events will proceed nationwide on Saturday regardless of holiday status. Major ceremonies are planned at the Australian War Memorial in Canberra, Sydney’s Anzac Memorial, Melbourne’s Shrine of Remembrance and equivalent sites across the country.

Retail trading restrictions vary. In jurisdictions with only Saturday as the holiday, many shops will open normally on Monday. States granting the Monday holiday will see broader closures or reduced trading similar to other public holidays. Hospitality and tourism sectors anticipate strong demand in NSW, ACT and WA for the extended break.

Employers and employees are advised to check specific awards, enterprise agreements and state legislation. Penalty rates for working on public holidays remain applicable on April 25 everywhere, and on April 27 in the three jurisdictions observing the substitute day. Casual workers generally do not receive the day off but may be entitled to higher rates.

This year’s arrangement repeats a pattern seen in previous weekend Anzac Days. With the date falling on a Saturday again in 2027, similar debates are expected unless more states align policies. Federal efforts toward greater harmonization of public holidays have gained little traction so far.

Community events will bridge the differences. Schools are closed nationwide on Saturday, and many workplaces will pause for minutes of silence or allow staff to attend services. Veterans’ groups emphasize that remembrance transcends holiday entitlements.

Travel operators report mixed bookings. Destinations popular for long weekends, such as the NSW South Coast, Blue Mountains and Western Australia’s Margaret River region, expect surges, while other states anticipate standard Saturday traffic. Airlines and accommodation providers have adjusted pricing accordingly.

Historians and defense analysts note Anzac Day’s evolution from a solemn military commemoration to a broader reflection on service, sacrifice and national identity. The public holiday variations highlight Australia’s federal system, where states retain significant autonomy over employment and holiday matters.

As April 25 approaches, Australians are encouraged to check official government websites or the Fair Work Ombudsman for jurisdiction-specific details. Whether enjoying a single day of reflection or a full long weekend, the focus remains on honoring those who served and remembering the human cost of conflict.

For many, the extra day in NSW, ACT and WA offers welcome respite. For others, Saturday’s observances provide sufficient opportunity to pause and pay respects. In either case, Anzac Day 2026 will see communities united in remembrance, even as holiday rules differ across the map.