Markets regulator Sebi has introduced a single-window access framework for low-risk foreign investors, aiming to simplify regulatory processes and make India a more attractive investment destination, according to PTI. The new system is designed to streamline compliance, ease multiple registrations and reduce repetitive documentation across investment routes.Called the Single Window Automatic & Generalised Access for Trusted Foreign Investors (SWAGAT-FI), the framework applies to entities such as sovereign wealth funds, central banks, multilateral bodies, government-owned funds, regulated public retail funds, insurance companies and pension funds. Sebi notified amendments to the FPI and FVCI regulations on December 1, which come into effect on June 1, 2026.Under the new structure, SWAGAT-FIs can register simultaneously as Foreign Portfolio Investors (FPIs) and Foreign Venture Capital Investors (FVCIs) without additional documentation. This dual route will allow them to invest in listed equities and debt as FPIs, and in unlisted companies, specified sectors and startups as FVCIs.Sebi has also extended the validity period for continuance of registration — including fee payment and KYC review — to 10 years, up from the current three or five years. The regulator said the move is aimed at reducing operational friction and supporting long-term participation.For FPIs operating from International Financial Services Centres (IFSCs), Sebi has allowed retail schemes with a resident Indian sponsor or manager to register as FPIs, bringing them on par with alternative investment funds that already enjoy this facility. The regulator also addressed inconsistencies between Sebi and the International Financial Services Centres Authority (IFSCA) by capping sponsor contributions at 10% of a fund’s corpus or assets under management.As of June 30, 2025, India had 11,913 registered FPIs with assets worth Rs 80.83 lakh crore, Sebi said, adding that SWAGAT-FIs account for over 70% of FPI assets under custody.

India’s exports posted a healthy rise in November after a sharp fall in October, Commerce and Industry Minister Piyush Goyal said on Wednesday, indicating that outbound shipments had regained momentum despite global volatility. He did not reveal the numbers, with the commerce ministry set to release official data on December 15.According to PTI, Goyal said merchandise shipments had strengthened across categories. “Merchandise exports are also on a strong wicket. Merchandise exports went down in October. Incidentally, November has gone up by a greater amount than what went down in October. If I aggregate October and November, there is growth in merchandise exports despite the global turmoil,” he told reporters.The minister said India is working towards deeper integration with global trading partners through ongoing free trade agreement (FTA) negotiations with countries and regions including the US, European Union, New Zealand, Oman, Chile and Peru. “In the months and days to come, you will hear a lot more about our own successful engagements with many of our trading countries,” he said.On the rupee’s sharp slide to a historic low of 90.15 against the US dollar on Wednesday, Goyal said the broader economic picture remained robust. “The growth is at 8.2 per cent in Q2, beating all estimates. We have seen the lowest-ever inflation in the last few months. Foreign exchange reserves continue to be strong. Capital inflows and investments in infrastructure, consumer spending, and all the levers of the economy have demonstrated a great deal of positivity,” he said.October’s export contraction of 11.8 per cent to $34.38 billion, driven by higher US tariffs, widened the trade deficit to a record $41.68 billion due to a surge in gold imports. For April–October this fiscal year, exports rose 0.63 per cent to $254.25 billion, while imports increased 6.37 per cent to $451.08 billion, PTI reported.

US President Donald Trump

WASHINGTON: US President Donald Trump held nothing back in a xenophobic tirade against Somali immigrants during a White House Cabinet meeting on Tuesday, calling them “garbage” and vowing mass deportations.The remarks, aimed squarely at a large Somali community in Minnesota and Somali-American Democratic lawmaker Ilhan Omar, came amid rising anti-immigrant sentiment following last week’s fatal shooting of a National Guard soldier by an Afghan national, with racist outbursts proliferating online against Indians too for unrelated job losses. With ICE preparing targeted raids in in Minnesota, Trump’s comments have intensified fear among the roughly 80,000 Somali Americans—the largest Somali diaspora in the United States—who call the state home.“They contribute nothing. I don’t want them in our country,” Trump raged near the end of the two-hour meeting, pivoting abruptly from routine updates to a sweeping denunciation of Somalia as a nation that “stinks” and is “no good for a reason.” He described it as a lawless place where people “run around killing each other,” dismissing its decades-long civil war and US-backed stabiliSation efforts going back to the Bush Sr era when Washington launched Operation Restore Hope to prevent a humanitarian crisis after famine and civil war.Such benevolence is now a distant memory in MAGA- infused America with the US President disparaging Congresswoman Ilhan Omar – who came to the US as a refugee when she was eight – as “garbage” who complained too much about America, and suggesting she should go back and rebuild Somalia. He has also frequently aired long- discredited conspiracy theories accusing Omar of immigration fraud—allegations she has denied and courts have dismissed as baseless – and invoked racist tropes about Minnesota Somalis, including false claims that they are “taking over” the state.Tensions against immigrants have been heightened by the November 26 shooting in Washington, DC, in which Rahmanullah Lakanwal, a 29-year-old Afghan national who entered the US through the Biden-era Operation Allies Welcome, killed National Guard soldier Sarah Beckstrom and critically wounded Staff Sgt. Andrew Wolfe. Lakanwal, a former CIA interpreter granted asylum in April 2025, has pleaded not guilty to first-degree murder. Investigators cite mental-health struggles and isolation, not terrorism, as contributing factors.Nevertheless, the incident has fueled a wave of xenophobia. Trump halted all Afghan asylum and visa processing and blamed “third-world” immigration for the attack. Afghan families in Oregon and Texas report being called to ICE offices for “routine checks,” heightening panic. Polls show a 15-point rise in support for stricter refugee vetting, as Republicans echo MAGA demands to “pause migration from all third-world countries.” Trump’s broadside also ignores the contributions of Somali Americans – like that of other immigrant communities – not to speak of Washington’s intervention in distant lands like Afghanistan that resulted in refugees and asylum seekers coming to the U.S. Minnesota’s Somali community took shape in the 1990s as refugees fleeing the civil war arrived and built thriving neighborhoods like Cedar-Riverside, home to mosques, halal markets, and a growing entrepreneurial class. A 2024 University of Minnesota study found the community contributes $1.5 billion annually to the state economy and has a homeownership rate of 60 per cent.Politically, Somali Americans have become a force in the state. Omar made history in 2018 as the first Somali American and one of the first Muslim women in Congress. Minnesota also has state-level Somali-origin legislators and representatives, bolstered by voter turnout that reached 75 per cent in 2024. Such civic engagement, inspired by democratic ideals, also extends to Somalia where expats like former Prime Minister Ali Khalif Galaydh have returned home to seek office or support democratic reforms. In 2024, Minnesota-raised environmental advocate Fatima Jibrell ran for parliament in Jubaland, in Southern Somalia, citing her American education as inspiration for sustainable development. Abdullahi Ali, a Somali immigrant who built a career in Maine, relocated to Nairobi in 2024 to run for president of Jubaland, driven by a sense of duty to improve governance. These stories counter Trump’s narrative of unassimilated “complainers” and disparage America’s own contribution to improving lives abroad.

The European Union on Wednesday rolled out a multi-billion-euro strategy to reduce its dependence on China for rare earths, unveiling measures to boost domestic mining, refining and recycling capacity amid rising geopolitical pressure on critical supply chains.The plan comes after months of turbulence triggered by Beijing’s export controls, according to AFP, which have disrupted manufacturers in autos, electronics and defence and exposed the bloc’s vulnerability to raw-materials shocks.EU industry chief Stephane Sejourne said the bloc was “responding to the new global geopolitical reality” as the European Commission announced nearly €3 billion to support strategic projects both within the EU and in partner countries. He has previously likened China’s dominance to a rare-earths “racket”.

A central feature of the new push is a European Centre for Critical Raw Materials, designed as a supply-hub modelled on Japan’s state-run JOGMEC. The centre will monitor demand, coordinate joint procurement for member states, and manage stockpiles and emergency deliveries to companies.Brussels also proposed curbing exports of scrap and waste from permanent magnets starting next year, to stimulate domestic recycling. Targeted restrictions on aluminium waste will follow, and copper could be added later.Squeezed between China and USDespite adopting a critical raw-materials law two years ago, the bloc finds itself caught between Beijing’s tightening export regime and intensified US efforts under President Donald Trump to secure mineral access through bilateral deals.A new survey by the EU Chamber of Commerce in China found that 60% of European firms expect supply-chain disruptions due to Chinese government restrictions, while 13% fear they may need to halt or slow production.Updating its “economic security” doctrine the same day, the Commission said global trade tensions had made existing vulnerabilities sharper. “Trade is being weaponised. Supply chains are under pressure,” EU trade chief Maros Sefcovic said while presenting the plan.“Strategic choke points are turning economic dependency into political pressure, and this hits our companies every single day,” he added.The revised doctrine calls for more assertive use of tools such as foreign-investment screening, export controls and supplier diversification — and for developing new mechanisms where gaps persist.“Europe will continue to champion open trade,” Sefcovic said, “but our openness must be backed by security.”

NEW DELHI: The Directorate general of Civil Aviation on Wednesday launched a probe into the disruptions caused in IndiGo’s network.DGCA has asked the airline to report to its headquarters and present the facts leading to the current situation.

“The inconvenience caused to passengers is regretted. Travellers are advised to verify flight status through official channels before departure. The Directorate General of Civil Aviation is currently investigating the situation and evaluating measures along with the airline, to reduce cancellations and delays, in order to minimise inconvenience being caused to passengers,” DGCA said in a press note.“Indigo has been asked to report to DGCA, Headquarters, to present the facts leading to the current situation along with plans to mitigate the ongoing delays & cancellations,” it added.According to the press note, the airline told DGCA that “a total of 1,232 flights were cancelled.” Out of the total cancellations, 755 were attributed to crew constraints and 92 to ATC-related failures.Also read: ’48hrs to fix flight chaos’: IndiGo offers update; what’s causing disruption“A large share of cancellations arose from crew / FDTL compliance and airport/ airspace ATC-related factors, many of which lie beyond the operator’s direct control,” the press note said.This comes as IndiGo is witnessing massive flight delays and some cancellations due to a crippling crew shortage.Government data shows only 35% IndiGo flights (the airline operates over 2,200 daily) operated on time Tuesday (Dec 2). And on Wednesday, multiple airports including Delhi, Mumbai, Hyderabad, Bengaluru reported almost 200 flight cancellations till the afternoon itself.Meanwhile, the airline apologised for disruptions, saying it regretted the inconvenience caused to passengers.The airline said the delays and cancellations stemmed from a combination of unexpected operational problems.In an official statement, IndiGo said minor technical glitches, winter schedule adjustments, adverse weather, heavy airport congestion and updated crew rostering rules collectively weakened operations in a way the airline claims it could not have foreseen.

Wall Street drifted in early trade on Wednesday as mixed corporate earnings left the major indices little changed, even as the S&P 500 stayed within 1% of its all-time high set in late October.The day also saw rising consumer-facing angst and stock-specific swings, with social media chatter adding to volatility in pockets of the market.Marvell Technology surged 5.6% after reporting a stronger-than-expected quarterly profit, with CEO Matt Murphy citing firm demand for data-centre products while announcing a $3.25 billion acquisition of Celestial AI to strengthen its artificial-intelligence infrastructure portfolio, according to AP.American Eagle Outfitters rallied 14.5% after delivering a better profit than expected. CEO Jay Schottenstein said the company saw a strong start to the holiday season with demand accelerating over the Thanksgiving weekend.But Macy’s fell 1.4%, despite posting a quarterly profit that sharply beat expectations. The department-store chain entered the session with a 34.1% year-to-date gain — more than double the S&P 500’s rise — raising the bar for investors and weighing on the stock.Cybersecurity firm CrowdStrike dropped 2.4% even after topping profit forecasts, following a similar pattern of high expectations after a 51% jump so far this year.In one of the day’s biggest moves, Capricor Therapeutics soared 488% after reporting encouraging trial results for a potential treatment for Duchenne muscular dystrophy.Bond yields eased after private payroll data from ADP suggested U.S. employers may have cut more jobs than they added in November. While historically an imperfect predictor of the U.S. government’s employment report, the weak reading helped reinforce expectations of a Federal Reserve rate cut next week — which would be the third this year.The 10-year Treasury yield slipped to 4.06% from 4.09% late Tuesday. Lower yields supported broader risk sentiment, with bitcoin climbing back above $92,000 after last month’s sharp drop below $81,000.Global markets were mixed. Europe traded flat, while Asia ended on a softer note. Japan’s Nikkei 225 rose 1.1% on gains in technology stocks, including Tokyo Electron, up 4.7%, and SoftBank Group, up 6.4% after reports that founder Masayoshi Son regretted selling Nvidia shares to fund other investments. Chinese markets fell, with Hong Kong down 1.3% and Shanghai down 0.5% after data showed weaker factory activity.

India’s exports to the United States have dropped sharply over the last five months after the US increased import tariffs on Indian goods, doubling them from 25% to 50%. A report by the Global Trade Research Initiative (GTRI) shows that exports fell 28.5%, from $8.83 billion in May 2025 to $6.31 billion in October 2025. The decline began after the US imposed a series of steep tariff hikes on Indian goods — 10% on April 2, 25% on August 7, and finally 50% by the end of August. The latest increase followed US President Donald Trump’s allegations that India was helping fuel Russia’s war effort in Ukraine.

With these duties, Indian products have now become some of the most heavily taxed in the American market. In contrast, Chinese goods face about 30% tariffs, while Japanese exports are taxed at roughly 15%.GTRI grouped India’s exports to the US into three categories:Tariff-free goodsThese include smartphones, medicines and petroleum products. They made up 40.3% of exports in October, but still fell 25.8%, from $3.42 billion in May to $2.54 billion in October.Goods facing the same tariff as other countriesThese include iron, steel, aluminium, copper and auto parts. They formed 7.6% of exports in October and fell 23.8%, from $629 million to $480 million.Labour-intensive goods facing 50% tariffThese form 52.1% of exports in October and dropped the most, 31.2% to $3.29 billion from $4.78 billion. Almost $1.5 billion worth of exports were lost in just five months.

Smartphones: India’s most exported product to the US, fell 36%, from $2.29 billion in May to $1.50 billion in October. Monthly exports went from $2.0 billion in June and $1.52 billion in July to $964.8 million in August, $884.6 million in September, before rising to $1.5 billion in October.Medicines: Pharmaceutical exports dipped 1.6%, while petroleum products dropped 15.5%, from $291 million to $246 million. Fuel: Motor gasoline exports also declined from $68.3 million to zero.

Metals and auto parts also hitEven though tariffs for these goods remained the same for all exporting countries, India’s exports still dropped due to slowing demand in the US:

Labour-dependent took the hardest hit

Gems and jewellery The exports of gems and precious jewellery fell 27.3%, from $500.2 million to $363.8 million.

Solar panelsExports crashed 75.7%, taking the figure from $202.6 million to $49.2 million. Meanwhile, China and Vietnam, which pay only 20% tariffs, took over the market and pushed India’s renewable exports at risk. Textiles and garmentsExports fell 31.9%, from $944 million to $643 million.

Orders for garments rerouted to Bangladesh, Vietnam and Vietnam, hitting production centers in Tiruppur, Panipat, Noida and Ludhiana. Many are also facing job losses as the sector reels under pressure. ChemicalsExports dropped 38%, from $537 million to $333 million. The biggest declines were in organic chemicals, agro-chemicals, and essential oils and cosmetics. The affected areas include Vapi, Dahej, Ankleshwar and Vizag.Marine productsShipments fell 38.7%, from $223 million to $136.9 million.

Buyers are now shifting to Ecuador and Vietnam, forcing job losses across coastal hubs from Nellore to Veraval.US losses appetite for Indian agri productsExports of agriculture and food products slumped 45.4%, from $292.8 million to $160 million. The drop has left agriculture workers from Gujarat to Kerala facing cancelled shipments.

Regions including Nashik, Gujarat, Kerala, Karnataka and Jharkhand are seeing cancelled orders and rising unsold stocks.

GTRI says the government should focus on two key steps:Roll out the export promotion mission quicklyThe Mission was announced in March and approved on November 12, but no schemes have been implemented yet. Funds are limited to Rs 4,200 crore, and other programmes such as the Market Access Initiative and the Interest Equalisation Scheme have made no payments this year. The think tank warned that the government will miss its expectations if it does not issues any guidelines to restore regular disbursals and provides exporters with clear rules and timelinesAsk US to remove the extra 25% tariffUS President Trump claimed that India has “very substantially” reduced purchases from sanctioned Russian firms, the reason the surcharge was added. Hence India should ask for an early rollback of the tariffs which would reduce the tariff substantially, from 50% to 25%. This would help sectors like textiles, leather, gems and jewellery and pharmaceuticals.

Putin is making his first diplomatic visit to India since the conflict in Ukraine started. (AI image)

Russian President Vladimir Putin’s India visit this week is being closely watched by the world – what will it mean for India’s trade dynamics with both Russia and the US. Will India bring down its crude oil imports from Russia or look to maintain its autonomy while navigating pressure from US President Donald Trump? The answer is not straightforward – laced in geopolitical, economic and diplomatic issues!Putin is making his first diplomatic visit to India since the conflict in Ukraine started, marking a crucial diplomatic milestone amidst complex geopolitical circumstances. Discounted Russian crude has reshaped India’s energy security but deepened its exposure to sanctions and geopolitical risk, says Ajay Srivastava, founder of Global Trade Research Initiative.The visit occurs at a complex time. India faces continuous US pressure regarding its Russian oil purchases whilst being urged to increase access for American products and defence equipment in its markets.“Putin’s visit is not a nostalgic return to Cold War diplomacy. It is a negotiation over risk, supply chains and economic insulation. A modest outcome will secure oil and defence; an ambitious one will reshape regional economics. The visit is ultimately not about choosing sides—but about managing dependence in a fractured world,” GTRI says.History explains the resilience of the partnership. During the Cold War, the United States backed Pakistan and deployed the USS Enterprise during the 1971 war. The Soviet Union responded with weapons support and diplomatic shielding at the United Nations. Moscow stood by India after its 1962 war with China, provided repeated diplomatic backing over Kashmir, and remained a defence partner after India’s 1998 nuclear tests brought Western sanctions. “ Over decades, Russia transferred strategic technologies the West withheld. Even today, about 60–70% of India’s military platforms remain of Russian origin. The partnership was built in conflict, not commerce,” the think tank says.Also Read | Trump sanctions: India’s crude imports from Russia at 5-month high – can it continue?According to GTRI, India’s current engagement with Russia rests on three pillars—energy, defence and diplomacy. Energy now dominates the relationship.Russia has become India’s largest crude oil supplier, accounting for as much as 30–35% of total oil imports, turning discounted crude into the foundation of the partnership. Defence forms the second pillar. Russia continues to supply and service a majority of India’s frontline platforms—fighter jets, submarines, tanks and air defence systems—and talks continue on maintenance support and future acquisitions. The third pillar is diplomatic coordination through multilaterals including BRICS, the Shanghai Cooperation Organisation, and the Eastern Economic Forum, alongside cooperation in nuclear power, space exploration, fertilizers and connectivity.Even as India deepens relations with Washington, Brussels and Tokyo, it treats Moscow as essential to its strategic autonomy, notes GTRI.

India’s Growing Imports of Russian Crude Oil

Russia has emerged as India’s main oil supplier, making up approximately one-third of total crude imports in 2024. A substantial increase in India’s expenditure on Russian oil is evident, rising from $2.3bn in 2021 to $52.7bn in 2024 – a significant shift in energy procurement patterns.

India’s Crude Oil Imports-US$ Billion

Financial sanctions have necessitated alternative payment arrangements. Following Russia’s partial SWIFT exclusion, payments now involve multiple currencies: dirhams (60-65%), rupees (25-30%), and yuan (5-10%). Approximately ₹60,000 crore in rupees remain largely unutilised in dedicated Indian accounts. Russian preference has shifted towards UAE dirham settlements, offering better spending and conversion flexibility. Yuan transactions occur periodically. While functional, this arrangement remains susceptible to instability and political pressures.“In energy, New Delhi is expected to pursue long-term crude contracts with Non US sanctioned Russian firms like Lukoil and Roseneft, revival of Indian investments in Russian energy projects, and advancement of nuclear cooperation beyond Kudankulam. Cooperation in critical minerals, manufacturing and maritime connectivity linking India with Russia’s Far East may also be discussed,” says GTRI.Also Read | India’s love for Russian oil continues? State refiners pick non-sanctioned crude at higher discounts; but will Moscow remain top supplier?

India-Russia: Trade & Defence Dynamics

GTRI points out the defence relationship remains vital, as approximately two-thirds of India’s military equipment comes from Russia, linking operational capability to Russian components and modernisation programmes.Indian defence officials plan to request faster delivery of additional S-400 Triumf systems whilst seeking assurances regarding maintenance and upgrades for Russian-origin equipment. Discussions about the Su-57 stealth fighter are anticipated, though primarily as a long-term prospect rather than immediate acquisition.India’s exports to Russia stand at approximately $5bn annually, whilst imports, primarily energy-related, reach nearly $64bn. India’s export footprint in Russia is narrow, with pharmaceuticals and machinery strong but garments, electronics and consumer goods negligible. Payments are increasingly de-dollarised, routed through UAE dirhams, rupees and yuan, reflecting the workaround economy created by sanctions, says GTRI.Trade figures between India and Russia show a significant imbalance, with limited export expansion but substantial energy-focused imports. Indian exports increased from $4.3 billion in FY24 to $4.9 billion in FY25, achieving $2.25 billion during April-September 2025.The exports concentrate primarily on industrial and chemical products, with machinery ($367.8 million), pharmaceuticals ($246 million), and organic chemicals ($165.8 million) constituting the main share in FY26’s first half. Other sectors show minimal presence: smartphones ($75.9 million), Vannamei shrimp ($75.7 million), meat ($63 million), and garments ($20.94 million), reflecting India’s restricted access to Russian consumer markets and electronics sectors despite strategic shifts.Russian imports maintain their dominance, reaching $63.2 billion in FY24 and $63.8 billion in FY25, with April-September 2025 recording $31.2 billion. The import composition heavily features petroleum, specifically crude oil ($23.1 billion) and petroleum products ($2.5 billion), alongside coal ($1.9 billion). Essential imports include fertilisers ($1.3 billion), sunflower seed oil ($633 million), and diamonds ($202 million).This creates an unbalanced trading relationship where India depends on Russia for crucial energy resources and raw materials whilst facing challenges in expanding its value-added exports, creating a trade dynamic susceptible to international commodity price fluctuations.

What will be the outcome of Putin’s India visit?

GTRI envisions two scenarios as outcomes of Putin’s visit to India:The most likely outcome is a cautious strengthening of existing ties. India could secure firm timelines on defence deliveries, maintenance contracts, and technology upgrades for aircraft, tanks and submarines. Russia, in turn, may lock in long-term energy commitments—including revived Indian equity in LNG fields, multi-year crude supply agreements, and accelerated nuclear plant construction, says GTRI. The two countries may also formalize a new payment framework using the dirham or integrate Russia’s SPFS system with India’s RuPay network. This scenario stabilizes the relationship without significantly raising diplomatic costs, it says.The more ambitious alternative would mark a deeper realignment. “India and Russia could agree on joint production of defence equipment, Indian investment in Russian oil and gas projects such as Arctic LNG 2 or Vostok, and expansion of nuclear cooperation beyond existing reactors,” says the think tank. “Connectivity initiatives like the Chennai–Vladivostok corridor or nodes of the International North–South Transport Corridor could also gain momentum. A structured settlement framework could be unveiled to reduce idle rupee balances. This scenario would reshape India’s Eurasian integration—but potentially provoke sharper Western response,” it adds.“Beyond optics, the summit is about securing fuel, weapons and payments against a world of financial and political fragmentation. For India, the challenge is strategic balance—protecting autonomy while navigating pressure from Washington and dependence on Moscow,” concludes GTRI.

Nifty might be in for a roller coaster ride in 2026 as several projections have forecasted an upside of over 10% for the index. Nomura pegged the NSE benchmark Nifty at 29,300 for the next year, a level that signals almost 13% upside from Tuesday’s closing mark of 26,032.20, when the index slipped 144 points, or 0.6%.The brokerage also released its list of top picks: ICICI Bank, Infosys, Bajaj Finance, Mahindra & Mahindra, Axis Bank, Titan, Ultratech Cement, Godrej Consumer Products, LG Electronics, CG Power, Swiggy, Dr Reddy’s, Dixon Technologies, Alkem, Mahindra Finance, Sona Comstar, eClerx, Aditya Birla Real Estate and MedPlus.Nomura attributed its optimism to improving conditions at home and abroad. “A positive view on valuation is now underpinned by calmer geopolitics, stable macros, and a cyclical recovery in economic and corporate earnings growth,” the firm said in its client note cited by ET. It also highlighted that the Indian equity market has trailed most global markets for 14 months, bringing the valuation premium “aligned to historical averages.”The brokerage’s estimates come as other global institutions like Goldman Sachs and HSBC predict a bullish stance. The entities recently predicted gains of 12% and 10% in the Nifty and Sensex respectively in 2026.Even so, Nomura struck a cautious tone on overseas capital flows. It does not foresee a sharp increase in foreign portfolio investments, although it expects marginal improvement next year. “In case there is a moderation in global rally and AI trade, FII interest is likely to improve as valuation premium is now in line with the long-term average,” it said.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

NEW DELHI: The results of the Municipal Corporation of Delhi (MCD) by-elections were declared on Tuesday, with the BJP winning 7 of the 12 seats, AAP securing 3, Congress 1 and the All India Forward Bloc opening its account with a victory in Chandni Mahal.With this outcome, the BJP now holds 122 seats in the 250-member House, remaining four short of the majority mark. AAP’s tally stands at 102, Congress at 9, while the All India Forward Bloc has 1. The Indraprastha Vikas Party (IVP), which did not contest the bypolls, continues to have 16 councillors.A major upset for AAP came from Chandni Mahal, a seat the party had won with the highest margin in the 2022 MCD polls but where it slipped to third position this time. Mohammad Imran, backed by former MLA and ex-AAP leader Shoaib Iqbal, won the seat by 4,592 votes, marking Forward Bloc’s entry into the MCD. The seat had fallen vacant after AAP’s Aaley Iqbal Mohammad won the Matia Mahal Assembly seat in February. AAP fielded Muddasir Usman Qureshi, while BJP nominated Sunil Sharma. Shoaib Iqbal, who quit AAP on November 9 after being denied a ticket for his preferred candidate, campaigned actively for Imran.The BJP, which previously held 9 of the 12 seats, managed to retain only 7—seen as a setback for the party. It lost Sangam Vihar-A and Mundka, both attributed to public resentment against local BJP MLAs. In Sangam Vihar-A, the seat vacated by BJP’s Chandan Choudhary after her election to the Assembly, Congress candidate Suresh Chaudhary won by 3,268 votes. AAP secured the Mundka seat amid discontent over BJP MLA Gajendra Daral. The party also won Naraina, where it campaigned against the BJP for fielding an “outsider.”Meanwhile, BJP candidate Anita Jain registered the largest victory margin of the bypolls—10,101 votes—from Shalimar Bagh-B. The seat was earlier held by Chief Minister Rekha Gupta, who resigned after winning the Assembly polls. In Greater Kailash, BJP’s Anjum Mandal won by 365 votes.The BJP also reclaimed the Chandni Chowk seat from AAP, winning by 1,182 votes.In the 2022 civic elections, AAP had emerged as the single largest party with 134 seats, but the political landscape shifted ahead of the April 2025 mayoral polls when 16 AAP councillors defected to form the Indraprastha Vikas Party, giving the BJP a crucial numerical advantage in the House.