ICICI Prudential AMC’s S. Naren explains why liquidity is becoming an increasingly important variable for Indian equities. Global capital is being pulled towards the US AI trade even as a heavy domestic pipeline of IPOs, block deals and fresh equity supply absorbs money at home.
Naren says smallcaps remain expensive and further strong returns increasingly depend on flows staying robust. He finds large-cap valuations relatively more attractive, though earnings-growth expectations remain moderate. Among sectors, he likes banks and insurance, calling insurance a contrarian opportunity at current levels.
He also explains why he continues to emphasise asset allocation, why he would own gold as part of a portfolio rather than as a standalone aggressive bet, and why investors may be under-allocating to debt and fixed income.
#snaren #iciciprudential #marketoutlook #sensex #nifty #stockmarketupdates #latestmarkettrends #2026indianmarketoutlook #insurancereforms #aiboom #aididruption #ipomarket #ipolistings #crudeoilprices #cruderally #cnbctv18 #cnbctv18market #businessnews #businessnewstoday #businessnewsinenglish #sharemarkettoday
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I listened to you Naren thanks I'm up a little even though I invested on the market going lower
Ek number ka chutiya manager
FII need any kind of directional market to make big money……now they are making it…..by staying short……still the market is not oversold….
Every time it took support prior to being oversold…..this time if it becomes oversold in next few months……it will be good for longterm. Till then sit on cash
Continually interpreting the conversation this is not fare
Oil price, AI story and Expensive are not just the reason, but silent reasons are the TAX on FII. STT, Dividend Stock, STGC and LTCG are not joke for Foreign investors. They have option to invest elsewhere, so why will they invest in India like stupid?
Oil har desh m h Pakistan Taiwan sabki market upper h India m hi neeche
sab Tax k kamal hai
Retail investor should avoid and wait till December for clarity
It is SIP investors choice to invest in his small and mid cap funds, so let his SIP investors suffer
He is in pain why not invest in debt, till they invest in debt, his "growth oriented fund managers" will keep diverting money into ridiculous valuation companies through IPO, FPO, BULK DEALS against his liking
So, problem is SIP investors choosing to invest in equities, not debt
😂😂😂😂😂
Naren is saying that large number of IPO, FPO, BLOCK DEALS are automatically stealing money from his SIP funds
Why won't foreign companies list in India as if listing automatically takes money from mutual funds as his colleagues who are growth oriented, they overwrite his wisdom and invest in these ridiculous IPO, BLOCK DEALS?
WHAT A SCAMMER!!!
😂😂😂😂😂
Very poor anchoring.. you vaguely frame the problem and when Naren tries to correct, you immediately jump and start interrupting him. Come on! He is an industry veteran and one of the more balanced voices in India markets. Let him speak!
So cheap ! I am also against joining the current IPO bandwagon. However, the anchor clearly had an agenda to force words out of Naren against IPOs. Most likely, it is flex muscles to get advertisement from the IPO issuing companies. Thanks Naren, for keeping viewer's interest in mind, which was actually the anchor's job.
these guys dont know anything. talk and more talk. Oil , yields..arre bhai..yeh sab humka bhi pata hein..aage kuch bata..
India itself is biggest Contra bet,
I am buying in truck load.
Asset Allocation importance can be only realised by investment experience.
anchor speaking as if he beat narine and he is responsible to pull market up 😂😂😂😂
People should stop investing this old age guy
I think the dissonance is – the Anchors are asking for Naren's view on the equity markets. And the simple answer, no one knows everything about the market
Naren's response is, he doesn't know what markets will do, and hence best option for investors is unconstrained investing and Asset Allocation products.
Dnt bring S Narendra, 2 years back he was the reason for the small caps to go down , he went on a business news channel and and started saying small cap is in bubble ,since he does not want retail investors to make money with out paying him commission.
Naren loosing his cool
Can you please let Naren speak? What’s with the constant interrupting? Regarding debt fuds, the government's tax policy has really killed safe investments by removing indexation benefits via the CII. Debt investors take on duration, credit, and liquidity risks, yet now all debt investments are taxed at the individual's income tax slab rate like it is SBI FD. How can anyone invest in this high inflation era in Debt fund? Arbitrage funds were doing okay, but then the government kept increasing the STT every few years and CAS added in Aug/2026 made generating returns even harder for these funds. This constant tax tweaking, without giving any inflation benefits to investors, is why people are avoiding debt investments which used to be much safer for small and retired investors. Now, everyone is forced to take risks in equity or even hybrid funds, like the ICICI BAF, which has given just a 2% return in the last 1 year. That is how volatile the market has become even for hybrid funds like BAFs which are equity heavy and we cant time the market.
Not tiny bit ? More
Absolutely unnecessary interruptions throughout the interview. Why are they pushing for all or none answers, no one can give them. Let him give bigger picture.
D3ad economy with vision less government is what it is
Too many interruptions, questions are of the mindset of crowd.
Naren: Invest in largecaps. No wonder his fund has severely underperformed over the last 4 years. Negative
The issue is INDIAN Economy IS highly OIL DEPENDENT.., SOftware is disrupted. Like KOREA TAIWAN we have fallen behind in AI TRADE and memory chips. CEMENT STEEL FMCG PAINTS TELECOM ALL have growth peaked out. supply is huge and investors wont get high returns in these sectors. WE NEED AI MEMORY CHIPS SEMI CONDUCTORS SECTORS.. FUTURISTIC COMPANIES HIGH GROWTH. WE WANT INNOVATIVE COMPANIES LIKE APPLE NVIDIA META GOOGLE AMAZON……IN INDIA
Guest ko sentence to pura karne do … third class interviewer……..
Questions are not up to
He doesn’t know what he talks
Reema what kind of questions are these? You're asking him for "gut feeling" and getting aggressive over his answers?
Quite a disrespectful session, and pointless quarrels. This were the same kind of (gut feeling) questions to Samir Arora and he got visibly annoyed on air
Also not one single question or thoughts about the 10 Year crossing 5%? Guys that is the single most important indicator as of today, and would've loved Naren's thoughts about that
.Mr Naren is One egoistic stubborn fellow who told Last year that midcap and small caps will not give any return for next 20 years 😂😂😂 because of this joker statement market fell by overreacting too much…. Look at how he is escaping a straight question and beating around The bush on equity returns. no use for retail investors with This kind of fund managers as they don't give any meaningful advise….his fund performance is pathetic that's why he is frustrated 😂😂
i continue to be appalled at this prashant guy. learn from niraj shah a bit
Marketing strategy to sell contra funds
Stupid interviewers, don’t have a common sense that they shouldn’t intervene the guest.
The lady anchor seems particularly biased the nifty returns were superb till almost 2012 , barring the breakdown in 2008. I do not understand where they get their data from. Mr. Naren is spot on with his asset allocation.
Most of the answers are not related to the question ❓
May be weak on risk assessment.
Absolutely terrible anchors. Can't even speak properly and then keep interrupting guests. You ask useless questions then what answers are you expecting to get.
Can we ask him about the returns of his funds….??? Which are zero o negative…
Abolish LTCG
The interviewers are so bad….. Naren is visibly frustrated. 😣
Common people should not put their hard earned money in Indian stock market.
jurnos are worried about their investment returns … questions seemed very emotional
poor panel of journalist.. very poorly conducted interview, wasted Naren's time
Obviously some grilling is required for funds they managing. Please make it. So they have some sense of responsibility. Naren was still good. Others were always bull mode. Please call them and grill.
Govt has killed debt mutual funds investment.
Why are you getting angry on him? 😅 Sounds like Naren is responsible for the market fall 😂