Even as shares of listed brokerage firms continue to rally on expectations of sustained retail participation, Nithin Kamath says the underlying market data tells a far more complicated story. In a detailed post on Tuesday, the Zerodha founder said several headline indicators often associated with a bull market are not fully lining up, raising questions over whether India is actually in a broad-based equity boom or simply witnessing pockets of speculative activity.

“If you look at listed brokers, you’d probably think we are in a bull market, but the data shows something else,” Kamath wrote. According to him, cash market turnover is still below the peak levels seen in late 2024, suggesting that core delivery-based equity activity has not yet returned to previous highs despite the recovery in benchmark indices and strong momentum in broader market stocks.

Kamath also pointed to another unusual trend — net direct equity inflows have turned negative for the first time since FY19, indicating retail investors may be pulling back from directly buying stocks even as capital market-linked themes continue to attract attention.

Kamath believes one major driver is the continued surge in mutual fund participation. “Gross SIP flows are at a record Rs 32,000 crore,” he noted, referring to the steady stream of monthly investments into equity mutual funds that has become one of the biggest domestic support pillars for Indian equities.

For brokerage firms, however, this does not automatically translate into higher income. Kamath said most major brokers, including Zerodha, offer direct mutual funds where they earn little or no distribution commission.

“But the major brokers offer direct mutual funds, so they don’t make anything, including us,” he wrote.
Instead, he said, a large part of revenue growth across the broking industry may be coming from leveraged and speculative trading activity. Kamath highlighted the rapid growth of margin trading funding, or MTF, across the industry.Zerodha’s own MTF book has grown from zero to around Rs 7,000 crore in just 18 months, he said, showing that appetite for leveraged bets remains strong despite volatile markets.

He also flagged a sharp difference in client behaviour across platforms. According to Kamath, brokerage income as a ratio of client float for most listed brokers is around 40% or higher, while Zerodha’s ratio remains below 9%.

That gap, he suggested, may indicate that clients on some platforms are trading much more aggressively relative to the money parked in their accounts.

Kamath reiterated Zerodha’s long-held approach of not pushing users toward excessive activity. “Our philosophy has always been to not push or induce customers to trade. In trading, for most people, fewer trades are always better. That means leaving a lot of revenue on the table.”

Markets regulator Sebi on Tuesday issued an advisory cautioning regulated entities against emerging risks from advanced artificial intelligence (AI) tools used for vulnerability detection, including Anthropic’s AI model Mythos.

To address these concerns, Sebi has constituted a task force named cyber-suraksha.ai, comprising representatives from market infrastructure institutions (MIIs), qualified registrar and transfer agents (QRTAs), regulated entities and other stakeholders.

In a circular, Sebi said the rapid evolution of AI-driven tools capable of identifying system vulnerabilities at scale could expose financial institutions to heightened cybersecurity risks, including potential exploitation of weaknesses, data confidentiality concerns and issues related to the reliability of outputs.

“Due to the interconnectedness and interdependency of market participants in the securities market ecosystem, a periodic coordinated approach for vulnerability management, information sharing and monitoring/assessment is required to prevent a cascading impact,” Sebi said.

The task force will examine cybersecurity risks arising from AI-based models, develop mitigation strategies, facilitate sharing of threat intelligence and best practices, and ensure timely reporting of cyber incidents and vulnerabilities, the regulator added.

The task force will also review the cybersecurity posture of third-party service providers and vendors.
The regulator said a meeting of the task force has already been held to assess risks posed by AI platforms like Mythos and to discuss mitigation measures.Based on these deliberations, Sebi has issued a detailed advisory outlining steps for strengthening cybersecurity frameworks.

These include regular vulnerability assessments using both conventional and AI-based tools, timely patching of systems, enhanced monitoring through security operations centres, strengthening API security, periodic risk assessments and adoption of measures, such as zero-trust architecture, to minimise attack surfaces.

Sebi has also asked market participants to closely coordinate with third-party vendors to ensure the timely deployment of security updates and undertake comprehensive risk assessments related to AI-led systems.

The regulator further directed eligible entities to onboard the Market Security Operations Centre (M-SOC) set up by exchanges for real-time monitoring and threat detection, in view of the rising risks from AI-driven cyber threats.

TUCSON, Ariz. — Three months after 84-year-old Nancy Guthrie vanished from her Catalina Foothills home in a suspected nighttime abduction, the high-profile investigation remains active but unresolved, with authorities confirming DNA analysis is still underway and no arrests or named suspects as the search stretches into its fourth month.

Nancy Guthrie, mother of NBC “Today” co-anchor Savannah Guthrie, was reported missing Feb. 1 after failing to attend church services. Investigators believe she was taken from her bedroom around 2:30 a.m., when her pacemaker lost connection. Evidence at the scene included blood on the front porch, a propped-open back door and doorbell camera footage showing a masked individual tampering with the device.

Pima County Sheriff Chris Nanos has described the case as a targeted abduction. As of early May 2026, the investigation continues with FBI assistance, but officials say no clear motive has been identified and no suspects have been publicly named despite thousands of tips.

Ongoing DNA Efforts

The FBI is analyzing hair and other potential DNA samples collected from the home. Sources indicate advanced laboratory techniques are being used in hopes of generating a usable profile. While some early testing occurred in a private lab, materials were forwarded to federal experts, with results still pending.

Sheriff’s officials have stressed that the investigation is “active and ongoing,” urging continued public tips. A spokesperson confirmed cooperation with the FBI has improved, though some local criticism of the department’s handling persists.

Family’s Anguish and $1 Million Reward

Savannah Guthrie stepped away from “Today” duties for several weeks before returning in early April. The family offered a $1 million reward in late February for information leading to Nancy’s safe recovery. Savannah has spoken publicly about the emotional toll and expressed regret that her public profile may have drawn attention to her mother.

Multiple ransom-style notes sent to media outlets, including TMZ, have complicated the case. Savannah indicated in interviews that she believes at least some early communications may have been legitimate, though authorities continue evaluating them as potential hoaxes or opportunism.

Chilling Details and Theories

The masked figure captured on video wore gloves, and blood evidence suggests a struggle. Nancy lived independently in an upscale neighborhood and was active in her church community. Neighbors reported no unusual activity beforehand, adding to the mystery.

Experts, including former FBI profilers, have speculated on motives ranging from a ransom attempt gone wrong to possible personal connections. Online speculation about family involvement has circulated but was firmly rejected by authorities, who have cleared close relatives.

Some analysts have raised questions about whether the perpetrator acted alone or had assistance, citing the logistics of removing an elderly woman without immediate detection. Recent commentary has even included unverified theories about the suspect possibly being silenced by a “boss,” though law enforcement has not endorsed such claims.

Search Efforts and Challenges

The probe has involved extensive ground searches, aerial support and coordination with federal agencies. False leads have emerged, including vehicle checks and unverified sightings. As the Arizona desert heats up, concerns grow about evidence preservation in outdoor areas.

The case has drawn national attention due to Savannah Guthrie’s prominence, generating both helpful tips and hoaxes. A planned television special is expected to examine the timeline and evidence in detail.

Sheriff Under Scrutiny

Pima County Sheriff Chris Nanos has faced criticism over the investigation’s pace and past personal matters, including questions about his early career. Some local officials have called for greater transparency, though Nanos has defended his department’s efforts and emphasized ongoing work.

What Comes Next

Investigators continue sifting through tips and awaiting lab results. The FBI offers its own reward of up to $100,000. Anyone with information is urged to contact the Pima County Sheriff’s Department or the FBI.

For the Guthrie family, each passing day brings renewed pain. Savannah has balanced professional duties with private grief, occasionally sharing updates that underscore the human cost. Nancy Ellen Long Guthrie remains a beloved figure whose absence has left a profound void.

The case serves as a stark reminder of vulnerabilities even in seemingly safe neighborhoods. With DNA analysis progressing and a massive reward in place, authorities and loved ones hold cautious hope for resolution. One credible tip or forensic breakthrough could finally bring answers in a mystery that has gripped the nation for more than three months.

LOS ANGELES — Los Angeles Lakers superstar Luka Doncic has not yet begun running as he continues recovering from a Grade 2 left hamstring strain suffered more than a month ago, with team officials and medical experts emphasizing a cautious approach that keeps him sidelined for the start of the Western Conference semifinals against the Oklahoma City Thunder.

Doncic, who has missed the entire first-round series against the Houston Rockets, remains on a deliberate, week-to-week recovery timeline. At roughly 33-34 days post-injury as of Tuesday, May 5, the 27-year-old has progressed to limited on-court shooting and movement drills but has not advanced to running, one-on-one sessions or full basketball activities, according to multiple reports.

ESPN’s Brian Windhorst described Doncic as “not close” to returning, noting the structured ramp-up required for hamstring injuries. Lakers coach JJ Redick has provided no firm timeline, stressing patience to avoid re-injury in a player whose explosive style relies heavily on deceleration and quick changes of direction.

Injury and Recovery Details

Doncic suffered the strain April 2 during a loss to the Thunder. An MRI confirmed the Grade 2 classification, which typically involves partial tearing of muscle fibers and requires four to six weeks or longer for full recovery. He traveled to Spain for specialized injections, including platelet-rich plasma and possibly stem cell treatments, aimed at accelerating healing.

Upon returning to Los Angeles, Doncic has been visible around the team, supporting teammates from the bench and engaging in controlled rehab. Recent video clips show him putting up shots in non-contact settings, marking incremental progress, but sources confirm he has not yet begun running at any meaningful intensity.

Medical experts monitoring similar cases note that rushing the return-to-run phase often leads to setbacks. For high-usage stars like Doncic, teams prioritize long-term durability over aggressive timelines, especially in the playoffs.

Impact on Lakers Playoff Run

Without their leading scorer and facilitator — who averaged 33.5 points, 8.3 assists and 7.7 rebounds in the regular season — the Lakers advanced past Houston relying on LeBron James, Austin Reaves (returning from his own injury) and strong role-player contributions. Facing the top-seeded Thunder presents a steeper challenge, with Doncic widely expected to miss at least the early games of the series.

Some optimistic projections point to a possible return around Game 3 or 4 in Los Angeles if progress accelerates, while more conservative views suggest mid-to-late May or beyond. The earliest realistic target appears around the five-to-six-week mark from the original injury date.

Broader Context and History

This marks another soft-tissue concern in Doncic’s career, though previous issues have not typically sidelined him long-term. The Lakers acquired him in a major offseason move, and his absence has tested the team’s depth while highlighting James’ continued excellence at age 41.

Doncic’s presence on the sideline has boosted morale, but the void in offensive creation remains evident. The Thunder dominated Los Angeles in the regular season, including the game in which Doncic was injured.

Expert Analysis and Fan Sentiment

Sports medicine specialists emphasize individualized protocols. While injections may have shortened the timeline slightly, full integration into game-speed activity still requires careful progression. Physical therapists following public updates describe current drills as encouraging but preliminary.

Fans on social media express a mix of frustration and understanding, with many urging patience to protect Doncic for future seasons. Hashtags related to his recovery trend regularly as Lakers Nation balances hope with realism.

Path Forward

The Lakers continue daily monitoring while preparing without their cornerstone. Any advancement to live contact or scrimmages could shift timelines, but officials stress health remains the priority. Redick and the front office have praised Doncic’s work ethic during rehab.

As the Thunder series begins, focus stays on execution without Doncic, while holding cautious optimism for his eventual return. His resilience has defined his journey from international prodigy to NBA star, and this latest challenge tests that mettle once more.

The situation remains fluid. Every practice report and update will be scrutinized as the playoffs unfold. For now, the answer to whether Luka Doncic can run yet is no — or at least not at full basketball intensity — keeping him on the sideline as the Lakers push forward in his absence.

The S&P 500 and Nasdaq notched record high closes on Tuesday, lifted by Intel and other AI-related stocks, as a U.S.-Iran ceasefire held firm and investors focused on strong quarterly earnings. Washington said on Tuesday its ceasefire with Iran ‌was intact, allaying worries ⁠that attempts ⁠by both sides to assert control over the Strait of Hormuz would escalate hostilities.

Investors focused on AI-related companies, with the Philadelphia SE Semiconductor index surging to a record high.

Chip designer AMD rallied ahead of its quarterly report after the bell, with analysts expecting a 33% surge in revenue.

S&P 500 companies are on track to post aggregate earnings growth of 28% year-over-year for the first quarter, the strongest quarterly profit growth since 2021, according to Tajinder ⁠Dhillon, head ‌of earnings research at LSEG.

Wall Street’s AI heavyweights account for much of that optimism.

“Markets are following fundamentals. Earnings are coming in pretty strong, and the ⁠expectation is that will carry forward into the rest of the year,” said Tom Hainlin, an investment strategist at U.S. Bank Wealth Management in Minneapolis.
“Business spending remains strong, whether it’s on AI or other productivity tools, and consumers continue to spend,” Hainlin said. According to preliminary data, the S&P 500 gained 58.72 points, or 0.82%, to end at 7,259.47 points, while the Nasdaq Composite gained 259.06 points, or 1.03%, to 25,326.51. The Dow Jones Industrial Average rose 354.85 points, or 0.73%, to ‌49,296.75.

Brent crude futures fell but still traded at $110 a barrel.

Data on Tuesday showed U.S. job openings fell to 6.866 million in March, slightly above the 6.835 million estimate. That reinforced the ⁠view that labor market resilience could give the central bank room to keep interest rates higher for longer.

The Institute for Supply Management’s Non-Manufacturing Purchasing Managers’ Index for April came in at 53.6, narrowly missing the estimate of 53.7, according to economists polled by Reuters. Grain trader Archer-Daniels-Midland rose after reporting better-than-expected first-quarter profit on higher margins. DuPont rallied after the industrial materials maker lifted its annual profit forecast. Shares of Pinterest soared after the image-sharing platform forecast second-quarter revenue above analysts’ estimates.

MINNEAPOLIS — Minnesota Timberwolves superstar Anthony Edwards has made remarkable progress in his recovery from a left knee hyperextension and bone bruise, with reports confirming he is now running at about three-quarters speed and has already returned to on-court basketball activities well ahead of initial timelines.

Edwards suffered the injury in Game 4 of the first-round series against the Denver Nuggets in late April. Initial projections called for a multi-week absence, potentially sidelining him for the early portion of the Western Conference semifinals. However, aggressive rehabilitation, including around-the-clock treatment and hyperbaric chamber sessions, has accelerated his return.

As of early May 2026, Edwards has been cleared for full basketball activities and was listed as questionable before Game 1 against the San Antonio Spurs. Multiple reports confirm he participated in pregame warmups and entered the contest off the bench, delivering 18 points in a Timberwolves victory despite playing under a minutes restriction.

Injury Details and Rapid Recovery

The injury involved a hyperextension of the left knee with an accompanying bone bruise. Edwards also manages ongoing right knee soreness described as runner’s knee. Team medical staff initially projected a minimum two-week absence, but Edwards pushed aggressively through rehabilitation protocols.

Timberwolves vice president of medical and performance David Hines noted the timeline was fluid, with Edwards showing “unforeseen progress” in recent days. By early May, he was spotted taking jump shots and performing full-court running at approximately 75% intensity during practice sessions.

Coach Chris Finch confirmed Edwards’ availability for Game 1, describing the decision as a joint one between player, medical staff and coaching. Edwards entered the game in the first quarter and contributed meaningfully despite not being at full strength.

Impact on Timberwolves Playoff Run

Edwards’ quick return provides a significant boost to Minnesota as it faces Victor Wembanyama and the Spurs in the Western Conference semifinals. The Timberwolves advanced past the Nuggets without him in the final two games of the first round, but his presence elevates their championship aspirations.

Even on a minutes restriction, Edwards’ scoring punch and defensive versatility remain critical. His willingness to play through discomfort underscores his competitive drive and importance to the franchise.

Medical and Expert Perspectives

Sports medicine specialists note that bone bruises can vary widely in recovery time. Edwards’ youth, elite athleticism and access to advanced treatments likely contributed to his faster-than-expected progress. However, experts caution against pushing too aggressively, as re-injury risks remain elevated in the playoffs.

The Timberwolves medical team has monitored him closely, using pain management, mobility metrics and functional strength tests to guide clearance. Edwards has communicated optimism to teammates, expressing his desire to contribute as soon as possible.

Fan and Media Reaction

Social media erupted with excitement over Edwards’ return. Clips of his Game 1 performance quickly went viral, with fans praising his toughness. Hashtags related to his recovery and highlights trended as supporters celebrated the star’s resilience.

Analysts highlight Edwards’ history of beating recovery timelines, drawing comparisons to past instances where he returned ahead of schedule. His ability to perform at a high level even while managing bilateral knee issues has drawn admiration across the league.

What’s Next for Edwards

The Timberwolves will continue monitoring Edwards’ workload closely in the series against San Antonio. Expect gradual increases in minutes as he builds confidence and conditioning. Full unrestricted play may take additional games, but his presence alone alters the dynamics of the matchup.

Upcoming updates will focus on how his knee responds to game action and whether any setbacks occur. The organization remains optimistic but cautious, prioritizing long-term health during a deep playoff run.

Edwards’ rapid recovery adds another chapter to his rising superstar narrative. From high draft pick to playoff hero, his toughness and work ethic continue impressing observers. As the Western Conference semifinals unfold, all eyes will remain on the dynamic guard and his ability to perform while managing lingering knee concerns.

This article was written by

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