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It has been a good month, and the end of the month was also positive. After a debilitating fall in March and April, the market has pretty much recovered from that decline.

Nifty – Weekly Chart Perspective

Looking at the week, the weekly candle on the Nifty was extremely flat with a 0.42% gain. Nothing was lost and nothing was gained. We saw a fantastic run for three weeks at the beginning of the month followed by a falling week, and now the market has stabilized. A positive takeaway from this chart is that despite the headwinds of rising oil prices, the market did not fall this week. Previously, a rise in oil would cause a dramatic fall, but there is now a sense of stability.

S&P 500 Overview

Meanwhile, the U.S. market continues to rally, adding another 0.9%. In the last five weeks, U.S. markets have climbed from roughly 6,200 to almost 7,200, gaining nearly 15% in a month. Equity markets can climb over a wall of worry; while there is concern in the U.S. regarding war, they are not energy-dependent on Iran, which removes that specific factor.

GOLD Overview

Gold was down 1.33% this week, but there wasn’t a major impact on rupee-denominated gold because the currency also fell. The rupee is currently near 95.2, and in terms of rupees, gold is still up for 2026. We ended 2025 at 13,400, and four months into this year, we are at almost 15,000, representing a gain of about 12%. Typically, gold in INR terms goes up between 12% and 14% on average annually, so the expected long-term annual gain has already been achieved this calendar year. Gold has been on a tear since 2024; just a year and a half ago, it was at less than 8,000, and it has now nearly doubled. In an asset class supposed to generate 12% a year, this suggests a reversion to the mean or a period of consolidation may be ahead.

Dollar Index Overview

The dollar index, which is being keenly watched, remained flat. It hasn’t been able to move up or down for nearly a year. A breakdown from the current flag-like formation could trigger a significant move for emerging markets and precious metals.

Global Indices Overview

In a global indices overview denominated in dollar terms, South Korea was the winner this week with a 2.6% gain, while Nikkei in Japan was up 1.4% and Brazil lost 1%. India was flattish at 0.4%, and the NASDAQ gained 1%. Over the last month, South Korea has done an impressive 29.7%, showing great momentum. Looking at the last year, South Korea is up 151%, Brazil is up 57.7%, and the NASDAQ is up almost 40%. The strong performance in these other markets is likely why foreign investors are sulking in India; they would rather put money where they see immediate returns.

Global Momentum

In the global indices momentum score rankings, South Korea, Japan, and the Russell 2000 are in the top three brackets, while Nifty, Hang Seng, and Nifty 500 are in the bottom.

Benchmark Indices Overview

Regarding major Indian indices over the last week, small caps outperformed the Nifty. While the Nifty was up 0.4%, small caps rose almost 2%, whereas the Nifty Next 50 fell .14%. From the bottom of March to the end of April, small caps saw 17% growth compared to the Nifty’s 7%. Over the last year, mid caps have outperformed other sectors with a 10.7% gain, while the Nifty is down 1.3%.

Sectoral Overview

Within specific sectors this week, oil and gas, pharma, and IT performed well. Conversely, PSU banks fell 3.7%, and financial services were down about 2%. Over the last month, defense, capital markets, and real estate came back strongly with gains of more than 20%. Over the last year, metals have led with 49.5%, followed by capital markets at 40% and PSU banks at 30%.

Momentum scores suggest bullish setups are currently most likely in energy, defense, commodities, and PSEs.

Introducing All Seasons

Markets reward patience — but rarely make it easy.
Even index investors — owning India’s top 50 companies through the Nifty 50 — struggle to stay the course. Drawdowns hurt, flat markets drain conviction, and emotions often break compounding faster than crashes do.

That’s exactly why we built All Seasons — a simple, rule-based strategy that helps you stay invested through every phase of the market by dynamically balancing between Nifty 50 (for growth) and Gold (for stability).

📈 Growth — Nifty 50
Own India’s strongest 50 companies — the backbone of our economy. Participate in the nation’s long-term growth story without picking stocks or timing entries.

🛡️ Stability — Gold
Crises strike without warning. Gold rises when equities stumble — acting as your portfolio’s natural hedge and emotional anchor.

⚙️ The Engine Behind It
All Seasons shifts allocations every fortnight based on market conditions:

• When equities run hot, exposure trims automatically.
  
• When they’re beaten down, the system increases weight.
  
• Gold moves in the opposite direction — balancing every phase.
  

No guesswork. No emotion. No fear of missing out — just a calm, intelligent portfolio that adapts to markets for you.

Who is this for?
✅ Index investors who want smoother participation
✅ New investors who prefer ETFs over stock-picking
✅ Professionals who can’t invest in direct equities
✅ Seasoned investors looking to add stability to their core
✅ Anyone who wants to stay in control without daily decisions

Price: ₹4,999 per year
Recommended Capital: ₹2–30 lakh

Introducing Mi Allcap GOLD

Mi Allcap GOLD is designed for investors who want broad equity exposure with a built-in hedge. It combines:

25% Large Caps – for stability

25% Mid Caps – for growth

25% Small Caps – for alpha

25% Gold ETFs – as a permanent hedge

Mi AllCap GOLD follows a rules-based, momentum-driven approach to select the strongest stocks in each segment. The portfolio is rebalanced monthly to ensure it stays aligned with market leadership — with no human discretion involved.

Why Mi AllCap GOLD?

All-in-one exposure to all equity tiers + gold
Rebalance Frequency : Monthly
Momentum Style : Rotational

Whether you’re just starting your wealth journey or looking to anchor your core portfolio, Mi AllCap GOLD offers a powerful blend of momentum, diversification, and downside protection.

Don’t just diversify — balance wisely.

Rebalance Update