Railways is implementing focused cost-cutting initiatives across maintenance, procurement and energy sectors to fortify its financial position before dealing with increased wage expenses anticipated from the Eighth Pay Commission recommendations.Established in January 2024, the Eighth Pay Commission must submit its recommendations within an 18-month timeframe.The previous Seventh Pay Commission led to wage increases of 14-26% for railway staff. Its implementation began in 2016, with tenure concluding in January 2026. The national transporter is currently emphasising expense reduction to enhance operational efficiency over the next two years to prevent financial strain from the forthcoming recommendations.The Seventh Pay Commission increased the wage expenditure by Rs 22,000 crore, including salaries and pensions, whilst the current projection suggests a potential rise of Rs 30,000 crore. “We have planned for the additional fund requirement,” a senior official told Economic Times, stating that internal accruals, combined with projected savings and increased freight revenue, would cover the expenses.Indian Railways recorded an operating ratio (OR) of 98.90% in fiscal 2024-25, resulting in net revenue of Rs 1,341.31 crore. For fiscal 2025-26, the target OR is 98.43% with anticipated net revenue of Rs 3041.31 crore.Officials anticipate annual energy savings of Rs 5,000 crore following network electrification completion.Additionally, yearly payments to Indian Railway Finance Corporation (IRFC) are expected to decrease in fiscal 2027-28, as recent capital expenditure has been funded through gross budgetary support (GBS).Officials confirm no plans for new short-term borrowing. “Annual freight earnings will also rise by Rs 15,000 crore when higher wages need to be paid in 2027-28,” the official stated.The Seventh Pay Commission implemented a 2.57 fitment factor, raising minimum basic pay from Rs 7,000 to Rs 17,990. Central trade unions advocate for a 2.86 fitment factor for the Eighth Pay Commission, potentially increasing the national transporter’s wage bill by over 22%.“Railways will ensure its finances are in a good condition to absorb the hit. Funds would not be an issue,” the official confirmed.The Railways has allocated Rs 1.28 lakh crore for staff costs in 2025-26, increased from Rs 1.17 lakh crore in 2024-25. Additionally, Rs 68,602.69 crore is earmarked for the pension fund in FY26, up from Rs 66,358.69 crore in FY25.

As the year draws to a close, signs are emerging that the dominance of Big Tech in driving the US equity bull market may be starting to fade, with major Wall Street firms urging investors to broaden their exposure beyond the so-called Magnificent Seven. As per Bloomberg reports, strategists at Bank of America Corp. and Morgan Stanley are increasingly steering clients towards sectors such as health care, industrials and energy for 2026, rather than concentrating on megacap technology stocks including Nvidia Corp. and its peers. While Big Tech has long been favoured for its strong balance sheets and robust profitability, analysts are questioning whether the sector can sustain the nearly 300 per cent rally seen over the past three years. Concerns around elevated valuations and the pace of returns from heavy artificial intelligence investments have intensified following weaker-than-expected earnings from AI-linked companies such as Oracle Corp. and Broadcom Inc. Improving confidence in the broader US economic outlook for the coming year is reinforcing the case for rotation into previously underperforming areas of the S&P 500, as investors reassess the risk-reward balance of megacap technology. “I’m hearing about people taking money out of the Magnificent Seven trade, and they’re going elsewhere in the market,” said Craig Johnson, chief market technician at Piper Sandler & Co. “They’re not just going to be chasing the Microsofts and Amazons anymore; they’re going to be broadening this trade out,” he added as quoted by Bloomberg. Market data supports this shift. Since the November 20 low in US equities, the small-cap Russell 2000 Index has gained 11 per cent, while a Bloomberg index tracking the Magnificent Seven has risen by roughly half that amount. Over the same period, the S&P 500 Equal Weight Index has outperformed its market-capitalisation-weighted counterpart. Strategas Asset Management LLC is favouring the equal-weighted version of the benchmark and expects a pronounced sector rotation into underperforming financial and consumer discretionary stocks in 2026, according to chairman Jason De Sena Trennert. Morgan Stanley’s research team has echoed this view. “We think Big Tech can still do OK but will lag these new areas, most notably consumer discretionary — especially goods — and small- and mid-caps,” said Michael Wilson, chief US equity strategist and chief investment officer at Morgan Stanley. Wilson, who correctly anticipated April’s market recovery, said the anticipated broadening could be supported by an “early-cycle backdrop” following the April trough, a phase that typically favours cyclical sectors such as financials and industrials. Bank of America’s Michael Hartnett added that markets appear to be pricing in a “run-it-hot” strategy for 2026, with leadership shifting from Wall Street megacaps to mid-, small- and micro-cap stocks. Veteran strategist Ed Yardeni of Yardeni Research has also recently advised trimming exposure to Big Tech relative to other S&P 500 constituents, citing an expected shift in profit growth. This marks a notable change from his long-standing overweight stance on information technology and communications services dating back to 2010. Earnings forecasts further support the rotation thesis. According to Goldman Sachs Group Inc., earnings growth for the S&P 493 is expected to rise to 9 per cent in 2026 from 7 per cent this year, while the contribution of the seven largest companies to overall S&P 500 earnings is projected to decline to 46 per cent from 50 per cent. Michael Bailey, research director at FBB Capital Partners, said investors are watching for confirmation of improved earnings momentum outside megacaps. “If jobs and inflation data remain status quo and the Federal Reserve is still easing, we could see a bullish move in the 493 next year,” he said. The US central bank delivered its third consecutive interest rate cut this week and maintained its outlook for another reduction in 2026, providing additional support for economically sensitive sectors. Utilities, financials, health care, industrials, energy and consumer discretionary stocks have all posted solid gains this year, underscoring the ongoing market broadening, said Max Kettner, chief cross-asset strategist at HSBC Holdings Plc. “For me, it’s not about whether we should buy tech or the other sectors, but more about tech and the other sectors participating too,” Kettner said. “And in my view, that should continue in the coming months.”(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)

Argentine footballer and 2022 FIFA World Cup winning captain Lionel Messi, his Inter Miami teammates Rodrigo De Paul, and Luis Suarez during the second leg of ‘GOAT India Tour 2025’, in Hyderabad. (Left), and Lionel Messi playing football (Photo/Agencies)

NEW DELHI: Lionel Messi’s programme in Hyderabad on Saturday offered a clear contrast to the disorder seen earlier in Kolkata, as the second leg of the GOAT India Tour passed without disruption and ended on a smooth note.After a troubled start in the City of Joy, Hyderabad offered a setting where the event was allowed to breathe. The structure held, the crowd stayed in place, and the programme ran as intended, drawing a clear line between what had gone wrong earlier in the day and what was put right later.

Messi arrived in Hyderabad at around 5.40 pm, following a difficult opening leg of his three-day, four-city GOAT India Tour 2025. Telangana chief minister A Revanth Reddy received him at the Taj Falaknuma Palace before the Argentine headed to the Rajiv Gandhi International Stadium.The stands were close to full when Messi walked out, dressed simply in a green crew-neck T-shirt, black trousers and sports shoes. This time, there was no rush, no scramble. He stayed for about an hour, at ease, moving through the programme without the strain that had cut short his time in Kolkata.“I am very happy to be in Hyderabad in the midst of all the love and affection shown by you all,” Messi said through a translator, acknowledging the crowd.Messi, along with Inter Miami teammates Luis Suarez and Rodrigo De Paul, took part in the GOAT Cup penalty shootout, with Revanth Reddy also joining them on the field in football attire. The players later conducted football clinics for children before the formalities drew to a close.Senior Congress leader Rahul Gandhi joined the group towards the end of the event during the felicitation ceremony, with photographs taken in front of the sponsor hoardings lining the ground.Messi presented the GOAT Cup to Singareni RR 9, winners of the seven-a-side exhibition match and a team representing the chief minister. Reddy presented a memento to Messi, while Gandhi handed one to Suarez.Before stepping onto the field, Messi spent time inside the stadium, looking at photographs on the walls and speaking with officials. He waved to fans from behind a glass barrier, then later offered glimpses of the touch and control that have defined his career, juggling and passing the ball with Suarez, De Paul and Reddy. A slow walk around the stadium followed, with Messi acknowledging the crowd along the way.Earlier in the day, scenes in Kolkata were very different. Around 50,000 spectators, many of whom paid between Rs 4,000 and Rs 12,000 — and in some cases up to Rs 20,000 in the black market — were left angry as politicians, VVIPs and security personnel surrounded Messi, limiting visibility for fans.The situation escalated when spectators threw bottles, which are banned inside stadiums. Food packets were also found inside the venue. Chairs were pulled out and thrown, and fibreglass seats were damaged across the field and the synthetic track.Messi will travel to Mumbai on Sunday for the third leg of the GOAT India Tour 2025. He will conclude his visit on Monday in New Delhi, where he is scheduled to meet Prime Minister Narendra Modi.

NEW DELHI: West Bengal Police on Saturday detained the main organiser of an event in Kolkata’s Salt Lake stadium after chaos erupted over Argentine football star Lionel Messi’s brief appearance. During a press briefing, Kolkata DGP Rajeev Kumar said that organisers will refund tickets to disappointed spectators.“We have already detained the main organiser. We are taking action to ensure this mismanagement does not go unpunished,” he said.

“Peace has to be restored immediately. That has been taken care of. Traffic is normal. People have all gone back home. The incident has been localised and limited to Salt Lake Stadium. It’s a big incident. We are on the job and will ensure that whoever is responsible for this thing that has happened today at Salt Lake Stadium will be punished and all kinds of action will be taken against the concerned authorities,” he added.Satadru Datta was detained for alleged mismanagement of the event from the Kolkata airport where he had gone to see off Messi and his entourage on their way to Hyderabad.Chaos erupted at the Salt Lake stadium in Kolkata as thousands of fans protested after failing to get a clear glimpse of Argentine football icon Lionel Messi during a much-hyped event, prompting police to baton-charge and Chief Minister Mamata Banerjee to order a high-level enquiry.What was billed as a marquee football spectacle turned into anger and disorder as Messi’s brief and tightly ring-fenced appearance, his first at the venue since 2011, left large sections of the crowd frustrated despite many having paid hefty sums for tickets.Accompanied by long-time strike partner Luis Suárez and Argentine teammate Rodrigo De Paul, Messi, the World Cup-winning captain, arrived at the Vivekananda Yuba Bharati Krirangan around 11.30 am.Meanwhile, chief minister Mamata Banerjee apologized to Lionel Messi and thousands of fans who had gathered to catch a glimpse of the football icon.In a post on X, Banerjee said “I am deeply disturbed and shocked by the mismanagement witnessed today at Salt Lake Stadium. I was on my way to the stadium to attend the event along with thousands of sports lovers and fans who had gathered to catch a glimpse of their favourite footballer, Lionel Messi.“I sincerely apologise to Lionel Messi, as well as to all sports lovers and his fans, for the unfortunate incident. I am constituting an enquiry committee under the chairmanship of Justice (Retd.) Ashim Kumar Ray, with the Chief Secretary and the Additional chief secretary, Home and Hill Affairs Department, as members,” she wrote.“The committee will conduct a detailed enquiry into the incident, fix responsibility, and recommend measures to prevent such occurrences in the future. Once again, I extend my heartfelt apologies to all sports lovers,” she added further.(This is a developing story)

The five-match T20I series, now leveled at 1-1 following South Africa’s decisive victory in Mullanpur, moves to the picturesque Himachal Pradesh Cricket Association (HPCA) Stadium in Dharamshala for the 3rd T20I. This high-altitude venue, known for its stunning Dhauladhar mountain backdrop, offers a vastly different challenge than the flat tracks of the north. India will look to their bowlers, especially pacers like Jasprit Bumrah, to exploit the conditions, while South Africa’s high-pace attack, spearheaded by Anrich Nortje, is perfectly suited to the extra bounce and carry the pitch offers. The series is finely poised, making this mountain clash a crucial decider.

HPCA Stadium Pitch Report

The pitch at the HPCA Stadium is traditionally a sporting surface, offering a good contest between bat and ball. The high altitude causes the ball to travel faster and provides extra bounce and carry, which is a boon for genuine fast bowlers if they hit the deck hard. Batters, in turn, can rely on the true bounce to play their strokes fluently once they negotiate the initial new-ball spell, making for a run-filled middle and death over segment. While the general T20I average is lower, recent results, particularly in the IPL, indicate the potential for high-scoring games with successful totals over 200 possible. The presence of heavy dew in the second innings is the most significant factor, making the surface slicker and favoring the chasing side.

Also READ: GOAT India tour 2025: When Virat Kohli, Sachin Tendulkar and MS Dhoni picked between Lionel Messi and Cristiano Ronaldo

HPCA International Stadium T20I Stats and Records

• Total Matches: 11
• Matches won batting first: 4
• Matches won bowling first: 6
• Average 1st innings Score: 137
• Average 2nd innings Score: 128
• Highest total recorded:200/3 (19.4 Overs) By South Africa vs India
• Highest score chased:200/3 (19.4 Overs) By South Africa vs India
• Lowest score defended: 59/5 (6 Overs) By Netherlands vs Ireland

Also READ: David Willey drops a truth bomb on why veteran overseas players are shifting from IPL to PSL

CARACAS: Venezuela’s oil exports have plummeted since the US seized an oil tanker off the country’s coast this week and imposed new sanctions on shipping companies doing business with the embattled Latin American country, Al Jazeera reported.Oil tanker movements into and out of Venezuelan waters have almost come to a standstill, Al Jazeera’s sources stated, after the US announced that it would seize more vessels as part of its military pressure on Venezuela’s President Nicolas Maduro.

The seizure on Wednesday of the Skipper tanker marked the first US capture of Venezuelan oil cargo since Washington imposed sanctions on Caracas in 2019. It also comes amid a US military build-up in the Caribbean, which appears designed to remove Maduro from power.Threats of more seizures have now left tankers – loaded with about 11 million barrels of oil and fuel – stuck in Venezuelan waters and fearing to venture further, according to data and documents cited by Al Jazeera’s sources.Only tankers chartered by US oil giant Chevron have left ports and sailed into international waters carrying Venezuelan crude since the seizure of the Skipper, according to Reuters. Chevron has US government authorisation to operate in Venezuela through joint ventures with state-run oil company PDVSA and can export its oil to the US.Chevron confirmed this week that it was operating in Venezuela “without disruption and in full compliance with laws and regulations applicable,” and had exported two cargoes of Venezuelan heavy crude to the US since the seizure of the Skipper.As the Skipper was taken to Houston, Texas, on Friday for the unloading of its confiscated fuel cargo, Trump reiterated that the US military will start carrying out strikes on land against drug trafficking targets in Latin America, as per Al Jazeera.Speaking at the White House, Trump said that US forces – which have been attacking vessels in the Caribbean Sea and Pacific Ocean for weeks, killing some 90 people – had stopped 96 percent of drugs trafficked to the US by water.The US also claims it is attacking drug trafficking vessels but has provided no evidence, while international law experts say the attacks amount to extrajudicial killings by Washington in international waters.

The Nifty experienced a mild correction this week, trading in a downward consolidation pattern and closing negative. The trading range spanned 485 points, from 26,178.70 to 25,693.25.Despite the Federal Reserve’s supportive 0.25% rate reduction and a pause in breadth deterioration, the index encountered resistance near recent peaks. The India VIX dropped by -2.01% to 10.11, indicating persistent market complacency and reduced hedging activity. The index recorded a modest decline of 139.50 points (-0.53%) for the week.The Nifty maintains its overall bullish structure whilst traversing a crucial inflection point. It remains positioned above the descending trendline but faces resistance around 26,150–26,200. Current price movements indicate reluctance to break through this resistance definitively, as reported by Economic Times.The current market inertia is partly attributed to unresolved factors, including the pending US-India trade agreement. While the Fed’s accommodative position could benefit markets in the medium term, the index appears to be taking a technical pause within its upward trajectory. Breaking above 26,200 would confirm a new breakout phase.The upcoming week suggests a cautious opening. Key resistance levels are established at 26,200 and 26,300, with a substantial barrier near 26,550 at the upper Bollinger band. Support levels are positioned at 25,750 and 25,600.The weekly RSI stands at 61.34, maintaining its bullish position without price divergence, suggesting neutral momentum. The MACD remains above its signal line with a positive crossover. The week’s candlestick shows a small bearish formation with an extended lower shadow near resistance, suggesting uncertainty.The Nifty continues to trade above its broken symmetrical triangle pattern. The index shows reduced momentum whilst consolidating above its breakout point and just below its peak. Despite the traditionally negative implications of weakening near resistance, repeated testing of the upper boundary indicates underlying strength. The index remains above all significant moving averages, confirming an intact upward trend.Considering the current technical and broader market conditions, a cautious approach is warranted. Traders should secure profits at higher levels and avoid aggressive long positions until confirmation of a breakout above 26,200–26,300. A selective approach focusing on relative strength and risk management is recommended.The RRG analysis against CNX500 indicates the Financial Services and Midcap 100 indices have moved into the leading quadrant. The Bank, Infrastructure, and PSU Bank indices remain in the leading quadrant, suggesting potential outperformance.Metal and Auto indices occupy the weakening quadrant, suggesting possible reduced relative performance despite potential individual stock opportunities.PSE, Commodities, Energy, Media, Consumption, and FMCG indices have entered the lagging quadrant, indicating likely underperformance against broader markets.Realty, IT, and Services Sector indices position themselves in the improving quadrant.

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