The 10-Year Lie Everyone Believed!

Market Update - Wednesday, 27 May

Some very interesting market data reveals a striking trend when looking at a 10-year chart comparing HDFC Bank (represented by the white line), the Nifty (the green line), and Gold in Indian Rupees (the blue line). A lot of people do not realize that over the last 10 years, HDFC Bank has actually….(watch video to know more)

Diving into the markets today, it was a good day overall. Today is 27 May, and since Thursday is a holiday tomorrow. For once, the Nifty did not move at all, closing at minus 0.03%. However, the broader market was moving in a big way.

Perhaps the market is still waiting for the final deal between the US and Iran to come out. Crude oil is dropping, and hence the market is assuming that the deal is getting finalized very, very shortly.

• Other market indices were in a different zone altogether. The Nifty Next 50 was up 1.4%, largely on the back of Adani stocks.

• Mid-caps and small-caps also gained 0.4% and 0.55% respectively.

• The Nifty Bank was the one index that was sulking, closing down at minus 0.43%, which was largely on the back of HDFC Bank moving down a couple of percent.

• Gold is also sulking somewhere around 15,888 per gram in Indian rupees, unable to really pull up right now.

• Meanwhile, crude oil is dropping and has now hit a new almost two-month low near $93, which is great news for India.

Other Market Triggers

• Looking at the heat map, major bellwethers like ITC, ONGC, HDFC Bank, ICICI Bank, Infosys, and Wipro were not performing today.

• On the other hand, the stocks that were performing in a bigger way included Hindalco, Tata Motors, Maruti, Eternal, and NTPC.

• What happens in this scenario is that the larger weights in the Nifty do not perform while the smaller weights do, meaning the Nifty itself does not actually move.

• However, looking at what is happening in the Nifty Next 50, Cummins shot up 11% after its results, Motherson went up 4.5%, and Siemens and ABB were up nearly 6%.

• Adani Enterprises rose 5%, and capital goods stocks like CG Power and Enrin are all running really, really hard.

• Commodities are running hard and metals are running hard as well. It is only the banking and finance space, along with the consumption space, that remains really quiet.

• The mover of the day was JP Power, which rose 20% to reach 22.8 after Adani Power completed its stake purchase.

• Zee Entertainment also jumped up 10% as it is close to securing the FIFA World Cup broadcasting rights.

• Because the media index on the NSE is heavily weighted towards Zee Entertainment, the media sector as a whole was running very, very hard.

U.S. Market Updates

• In the previous US markets session, AMD went up another 8%, Texas Instruments rose 5%, and Qualcomm gained another 4.4%. GE Aerospace and Emerson Electric were also up 3 to 4% within the S&P 100 space.

• The broader indices were reasonably flat, with the Dow Jones actually ending negative. The S&P 500 was positive by 0.6%, but the NASDAQ jumped 1.7% and the Russell rose 1.8%.

• Extremely concentrated moves are happening in the AI and chip space, showing a screen full of green in that specific sector. Micron Technology was up 19%, AMD was up 7.7% once again, and Intel and ARM moved up as well. This entire space is just running very, very hard.

• Meanwhile, the rest of the stocks like Cisco, Microsoft, Walmart, Costco, and Netflix did not do so well, and Nvidia and Apple were also very, very flat. Amazing kinds of moves are happening in just one isolated space in the market.

What to watch next ?

• HDFC Bank has been stuck at the same price for the last five years. There are many examples in the market where, despite the accolades and the feathers in their caps, stocks have simply not performed.

• DLF, for example, is still yet to cross its 18-year high. Equating stock price performance versus on-ground company performance can really lead to some bad outcomes.

• Of course, this does not mean HDFC Bank will not go up in the future, but the idea of buying HDFC Bank and automatically doing well has been so ingrained in everybody's mind, yet that is clearly not the case in every period.

• Between equities and gold, a lot of people will not believe it until they see the charts, but Gold has actually done 400% in the last 10 years versus 200% on the Nifty.

• Whether it will continue to do that or not is unknown, but certainly, having some asset allocation, stock diversification, and following stronger stocks helps in keeping pace with the markets.

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Strategy Of The Day

What To Read This Week ?

Is India Swapping Jewelry for Bars?

Fascinating new data has just dropped courtesy of BusinessLine and Market by Jilda, giving us a front-row seat to a massive behavioral shift among Indian investors.

The Q4 corporate earnings for gold giants like Titan and P.N. Gadgil Jewellers are out for the January–March 2026 quarter, and the numbers tell a story that goes way beyond mere weddings and festivities. Indian investors are getting incredibly sharp, and they are using gold exactly for what it was historically meant for: a hard shield against inflation.

The 62-Ton Wave: Investment Trumps Consumption

According to data published by BusinessLine, India clocked a staggering 62 tons of gold purchases between January and March 2026 alone.

But here is the real kicker: nearly 41% of that demand, almost half, was driven purely by investment motives. Instead of buying intricate necklaces and bangles, a massive chunk of buyers opted for gold coins and bullion bars. This marks a historic departure from traditional Indian buying patterns, where jewelry has historically dominated the market share.

Corporate Numbers Tell the Tale

If you think this is just a macro statistic, a quick glance at the corporate earnings of India's top jewelers confirms the ground reality. The share of pure bullion and coins in their total sales mix has expanded dramatically:

• Company A (Corporate Portfolio Shift): Saw its bullion and coin revenue share skyrocket from a modest 7% to a whopping 27%.

• Company B (Retail Portfolio Shift): Watched its investment gold segment jump from 28% to a solid 40%.

This proves that walk-in customers aren’t just looking for wearable luxury anymore; they are aggressively looking for pure, unadulterated financial security.

Outsmarting the Depreciating Rupee

Why this sudden rush for bars and coins? The modern Indian investor has grown highly sophisticated.

With a major chunk of domestic wealth parked entirely in INR-denominated assets, people are waking up to the silent killer: currency depreciation and the erosion of purchasing power. When fiat currencies lose their edge, smart money moves into hard assets.

By buying pure gold bars and coins, investors are bypasssing the high making charges and design premiums associated with jewelry, ensuring they get the maximum hedge against a dipping rupee. It is a pure, tactical play to protect their hard-earned wealth.

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Meme Of The Day