Business
Volatility is the entry point, not an enemy: Madhusudan Kela
With nominal growth moderating and sectoral dominance by mature industries, he sees benchmark gains settling into a more measured trajectory. The real alpha, he believes, will emerge from identifying “hidden gems” companies and themes, particularly around AI applications, that can enhance productivity and margins over time.
Volatility may dominate headlines, but it is conviction, not chaos, that builds wealth in Indian equities, he said at the summit.
Speaking on the topic, “Is Volatility A Buying Opportunity?”, Kela said his core message is: “ignore the noise, back entrepreneurs with resilience, and let compounding do the heavy lifting”.
The past few weeks have seen a whirlwind of events: the Budget, the India-US trade deal, sharp swings in gold and silver, and heightened equity volatility led by the sell-off in AI.
Kela views such phrases as an opportunity rather than a threat.
“This noise is what creates opportunity. This noise is not a distraction,” he said, adding that differentiated returns are earned by standing apart from the crowd. “You rarely make money if you are with the crowd.” In Kela’s assessment, Indian capital markets are structurally stronger than ever, backed by domestic capital and entrepreneurial depth. The challenge for investors is not predicting the next news event but maintaining discipline. As he puts it, “volatility is not the enemy, it is the entry point.”
His investing framework revolves around identifying the “jockey”, the promoter or leader at the helm. “Am I able to really identify someone who will be able to drive it and who will not get distracted?”
Kela praised India’s retail investors, particularly mutual fund participants, who have steadily invested through systematic plans even when foreign institutional investors were net sellers. “They have been the real hero of this last bull run,” he said. “Equity has evolved from a speculation-driven arena to a mainstream asset class, embraced for long-term wealth creation. At least 13 crore people in India believe that it is a real asset class and we want to invest for real long term,” he said.
To underline the power of compounding, Kela cited an example. “If you save ₹11,000 per month in a respectable mutual fund, you can gain 100 crore after 50 years,” he said, assuming long-term returns are similar to historical averages. The takeaway is faith-both in disciplined investing and in India’s structural growth story. Unless a severe “black swan” event derails sentiment, he expects domestic flows to expand significantly over the next decade, irrespective of foreign buying or selling.
While acknowledging fears of job disruption in IT services, he drew parallels with earlier technological shifts. “Technology has never made life difficult for people in the last 50 years,” he said.
He believes India’s expanding Global Capability Centres could offset potential job losses in traditional IT outsourcing. He advised caution on IT stocks until earnings visibility improves.
On Friday, MCX silver futures for March 5, 2026 rose 3.62%, up Rs 8,564 to Rs 2,44,999 per kg. Gold futures for April also edged higher by Rs 305, or 0.2%, to Rs 1,56,200 per 10 grams.
In international commodity markets, precious metals rebounded sharply after the previous session’s selloff, with spot silver rising 2.1% to $77.27 per ounce, recovering from an 11% plunge a day earlier. Spot gold also advanced 2.33% to $5,063 and is now up more than 1% for the week. The recovery comes after bullion dropped nearly 3% on Thursday, slipping to its lowest level in almost a week.
The U.S. Consumer Price Index rose 0.2% in January, below economists’ expectations of a 0.3% increase, following an unrevised 0.3% gain in December, the Labor Department said.
Gold, silver levels for Monday
MCX Gold continues to exhibit structural resilience despite global consolidation, supported by relative firmness in USD/INR. The Rs 1,50,000 support band remains a strong demand absorption zone, attracting both physical buying and investment flows, reinforcing the integrity of the medium-term rising channel.
“Price behavior at lower levels indicates accumulation rather than distribution. A sustained move above Rs 1,60,000 would likely re-ignite bullish momentum toward Rs 1,65,000–Rs 1,70,000+, while meaningful downside risk remains limited unless COMEX gold breaches its structural support clusters decisively,” Ponmudi R, CEO of Enrich Money said. MCX Silver continues to build a durable base within the Rs 2,33,000–Rs 2,35,000 structural support zone. Price action reflects gradual absorption, with downside momentum notably weaker compared to the prior week’s volatility spike. Volatility compression at these levels signals accumulation rather than liquidation.
A decisive breakout above Rs 2,65,000 would likely attract momentum participation, targeting Rs 2,80,000+ in the medium term, supported by tightening global supply dynamics and steady industrial offtake.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
In the past 24 hours, Bitcoin and Ethereum went up 3.73% and 5.51% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Cardano, and Hyperliquid gained upto 8%. The global crypto market capitalisation went up 3.52% to $2.36 trillion, according to CoinMarketCap.
Also Read | HDFC Defence Fund exists this small cap stock that went up by 500% in 5 yearsRiya Sehgal, Research Analyst, Delta Exchange said Bitcoin has recovered to around $68,800, holding above its short-term support but still capped below the 50-day EMA near $69,500 and Ethereum mirrors this setup, hovering around $2,050 and consolidating between $1,950 and $2,100.Sehgal further said that broader sentiment remains cautious as traders assess macro liquidity conditions and capital rotation into traditional safe-haven assets such as gold. The market appears to be transitioning from distribution toward early accumulation, but conviction remains fragile pending a clear breakout above key technical levels
In the past week, Bitcoin and Ethereum were down by 2.66% and 1.31% respectively. Among the major altcoins, XRP, BNB, Solana, Dogecoin, Cardano, and Hyperliquid went down over 6% whereas Tron gained 2.50%.
Also Read | Starting out in mutual funds? Here’s how to allocate your investmentsNischal Shetty, Founder, WazirX said Bitcoin trades at $68,882, holding steady as global macro catalysts begin to align. January CPI data showed US inflation moderating to 2.4%, easing inflation concerns. When inflation concerns cool, it reduces uncertainty around aggressive rate hikes and brings stability back into risk assets, including crypto.
Ethereum also reclaimed the $2,000 level after a significant drop in futures open interest, indicating that further excessive leverage has been flushed out, Shetty further said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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Commerce Bancshares EVP Barth sells $410k in stock
Trucking and transport stocks had one of their worst days ever Thursday thanks to a firm that until recently was in the karaoke business.
The Florida firm, formerly the Singing Machine Co. RIME 222.22%increase; green up pointing triangle and now known as Algorhythm Holdings, published a news release shortly before stock trading opened touting AI technology capable of increasing trucking efficiencies. Algorhythm, which has a stock market value of less than $3 million, hasn’t landed any software clients in the U.S. yet. But its announcement nonetheless rattled the market.
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Terex corp president Virnig sells $1m in shares
TotalEnergies: LNG Exposure And AI Power Demand Offer Structural Growth
VanEck is a global asset management firm offering ETFs, mutual funds, private funds, model portfolios, institutional strategies, separately managed accounts, as well as UCITS funds. Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission. VanEck has a long history of looking beyond financial markets to spot trends that create meaningful investment opportunities. We were one of the first U.S. asset managers to give investors access to international markets, which set the tone for identifying asset classes and themes such as gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 that later helped shape the investment industry. The firm oversees $161.7 billion in assets as of September 30, 2025. Disclosures: http://ow.ly/SZ9450N5qTJ.
Riley Exploration Permian CIO sells $95,941 in shares
Company Participants
Cassie Corneau – Manager of Investor Relations & Strategic Finance
Serge Saxonov – Co-Founder, CEO & Director
Adam Taich – CFO, Treasurer, Principal Financial Officer & Principal Accounting Officer
Conference Call Participants
Tycho Peterson – Jefferies LLC, Research Division
Douglas Schenkel – Wolfe Research, LLC
Puneet Souda – Leerink Partners LLC, Research Division
Daniel Arias – Stifel, Nicolaus & Company, Incorporated, Research Division
Kyle Mikson – Canaccord Genuity Corp., Research Division
Daniel Brennan – TD Cowen, Research Division
Patrick Donnelly – Citigroup Inc. Exchange Research
Mason Carrico – Stephens Inc., Research Division
Subhalaxmi Nambi – Guggenheim Securities, LLC, Research Division
Lu Li – UBS Investment Bank, Research Division
Michael Ryskin – BofA Securities, Research Division
Salem Salem – Barclays Bank PLC, Research Division
Casey Woodring – JPMorgan Chase & Co, Research Division
Matthew Larew – William Blair & Company L.L.C., Research Division
Presentation
Operator
Thank you for standing by. My name is Karli, and I will be your conference operator today. At this time, I would like to welcome everyone to the 10x Genomics Fourth Quarter and Full Year 2025 Earnings Call. [Operator Instructions]
I would now like to turn the call over to Cassie Corneau, Senior Director, Investor Relations and Strategic Finance. Please go ahead.
Cassie Corneau
Manager of Investor Relations & Strategic Finance
Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the fourth quarter and full year ended December 31, 2025. If you have not received this news release or would like to be added to the company’s distribution list, please send an e-mail to investors@10xgenomics.com.
An archived webcast of this call will be available on the Investor tab of the company’s website, 10xgenomics.com, for at least 45 days following this call.
Before we begin, I’d like to remind you
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