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Air Marshal AK Bharti, Director General Air Operations (DGAO), on Monday said that India's battle was with terrorists but the Pakistani military chose to support terrorists and widened the conflict. "We also reiterated that our fight was with terrorists and their support infrastructure and not with Pakistan military. However, it is a pity that the Pakistan military chose to intervene and bat for the terrorists which compelled us to respond in kind," Air Marshall Bharti said, adding that they are responsible for all the damage caused to them. 121053149The DGAO talked about how the Indian forces blunted the Pakistan's offensive and reduced damage to both civilian and military infrastructure in the country. He added that Indian Air Defence Systems have a large range of AD sensors and weapon systems. 121102214"This brings me to the point how have Indian Forces managed to minimise the damage to both civilians and military infra in the country, in spite of unrelenting efforts by the Pakistani forces. Most of you and the majority populace within the country have had a lot of say about the layered and integrated air defence systems put in place by the Armed Forces which includes the assets of the Indian Army, Indian Navy and Indian Air Force. This robust AD system comprises a large variety of multi-layered AD sensors and weapons systems."Bharti further said that India's older and proven defence systems also stood the test of time to take the opponent's offensive head-on. Our battle-proven systems stood the test of time and take them head on. Another highlight has been the stellar performance of the indigenous air defence system, the Akash system. Putting together and operationalising the potent AD environment has been possible only because of budgetary and policy support from the government of India in the last decade."

De-escalation in the US-China trade war sparked a strong rally in Indian metal stocks, which surged over 8% on Monday. The jump came after the world’s two largest economies agreed to significantly ease their tit-for-tat tariffs for a 90-day period.The rally was supported by a sharp uptick in global metal prices, driven by optimism that further tariff escalations may be off the table. An all-out trade war had previously raised concerns over a potential global economic slowdown, which could have weighed heavily on metal demand.At the index level, Nifty Metal was up by more than 5%, with all 15 stocks in the index trading in the green. Lloyds Metals And Energy was the top gainer which surged 8% and it was followed by Hindustan Copper and Steel Authority of India (SAIL) which were up by over 7% each. Others including Adani Enterprises, Vedanta, National Aluminium Company (NALCO), Hindustan Zinc, NMDC, Tata Steel, Jindal Stainless, Jindal Steel & Power, JSW Steel, Welspun Corp, APL Apollo Tubes and Hindalco Industries gained between 6.9% and 3.4% around 2:15 pm. After their first talks since US President Donald Trump launched his trade war, US and China agreed in a joint statement to bring their triple-digit tariffs down to two figures and continue negotiations.US Treasury Secretary Scott Bessent described the weekend talks with Chinese Vice Premier He Lifeng and international trade representative Li Chenggang as "productive" and "robust"."Both sides showed great respect," Bessent told reporters.US President Donald Trump had imposed duties of 145% on imports for China last month -- compared to 10% for other countries in the global tariff blitz he launched last month.Beijing hit back with duties of 125% on US goods.Bessent said the two sides agreed to reduce those tariffs by 115%, taking US tariffs to 30 percent and those by China to 10%.In their statement, the two sides agreed to "establish a mechanism to continue discussions about economic and trade relations".The mood was upbeat as the headline index Nifty soared to 24,842.75, up by 834.75 points or 3.48%.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

A top Indian envoy said the dispute over Kashmir is a bilateral issue with Pakistan, rejecting any external mediation on the matter despite the US saying it wanted to facilitate talks.“For us, Kashmir is a bilateral issue, not an international issue,” High Commissioner of India to Singapore, Shilpak Ambule, told Bloomberg TV’s Haslinda Amin on Monday. “For us, the word mediation does not work with the Kashmir issue.”India and Pakistan agreed to a ceasefire on Saturday after four days of clashes that brought the nuclear-armed neighbours close to a full-blown war. The US said it helped mediate the de-escalation, but India has maintained that the uneasy truce was a result of bilateral talks. The ceasefire happened because Pakistan Director General Military Operations “got in touch” with his Indian counterpart, said Ambule, adding that New Delhi had achieved its objective of “destroying the terrorist camps.” Pakistan’s army has said that India first requested de-escalation.Tensions between the two countries escalated sharply last week with drone and missile strikes on military sites. While there were reports of both sides violating the truce in the hours after it was called, the ceasefire appeared to be holding on Sunday.

Smart beta and factor–based ETFs that use investment factors such as value, momentum, or low volatility for index construction rather than traditional market capitalisation, are garnering investor attention as well, Sumit Bhatnagar, Fund Manager Equity at LIC Mutual Fund says. These trends reflect the evolving landscape of the Indian ETF market, offering investors a variety of options to diversify their portfolios and capitalize on emerging opportunities, he adds.Inflows in ETFs jumped 74% in April to Rs 19,000 crore. While we keep talking about equities and mutual funds, ETFs are steadily gaining popularity among the investors because of their low cost, liquidity and low volatility. What are the emerging trends in equity ETFs amid tariff scares and geo-political concerns?The Indian Equity ETF continues to attract significant inflows from various sets of investors. Interestingly, while plain vanilla Exchange Traded Funds (ETFs) continue to attract inflows, there’s a growing interest in ETFs that focus on specific sectors like technology, healthcare, defence etc. These thematic ETFs allow investors to target particular industries that are expected to perform well. Also, Smart Beta and Factor – Based ETFs that use investment factors such as value, momentum, or low volatility for index construction rather than traditional market capitalisation, are garnering investor attention as well. These trends reflect the evolving landscape of the Indian ETF market, offering investors a variety of options to diversify their portfolios and capitalize on emerging opportunities.Global growth forecasts are being trimmed down and in that context, would you recommend investors to lower their return expectations from equities and hence go for safer options like the equity ETFs instead of taking stock selection risks? Given the recent downward revisions in global growth forecasts, it's understandable to consider adjusting investment strategies. This environment can indeed impact equity markets, potentially leading to lower returns. In such a scenario, it might be prudent for investors to temper their return expectations from equities. They may consider equity ETFs as they can offer an alternative by providing diversification across a broad range of sectors and stocks, reducing the risk associated with individual stock selection. Alternatively, they can consider Smart Beta and Factor-Based ETFs as these ETFs can help capture specific investment factors such as low volatility or quality, which might perform in uncertain markets.Healthcare and financials have been two themes that have stood out and most ETF schemes having exposure to these sectors have given double-digit returns in the past one year. Should one continue investing in both these themes, especially healthcare given that the sector remains exposed to Trump's tariffs?Healthcare and financials have indeed been strong performers recently, with many ETFs in these sectors delivering decent returns. However, the potential impact of Trump's tariffs on the healthcare sector is a valid concern. President Trump's tariffs may increase costs for healthcare companies which could affect their profitability. These increased costs might be passed on to consumers or could lead to reduced margins for healthcare companies. Despite these challenges, the healthcare sector often remains resilient due to the essential nature of its services and products. Innovations and an aging population continue to drive demand. Financial sector performance is closely tied to economic conditions. While global growth forecasts are being trimmed, the financial sector can still perform well if domestic economic conditions remain stable.Within financials, would you recommend staying away from ETFs with exposure to PSU banks given their weak performance for the last one year or would you still bet on them, given that most public sector banks (7 out of 12) have reported a good set of numbers?PSU banks have had mixed performance recently and probably may be too niche a category for investors. While the sector offers balanced risks-reward, a diversified approach focusing on performers can be beneficial. Investors need to monitor sector developments closely to adjust investments accordingly.Between equity and debt, where would your money go as in India we have already had a couple of rate cuts and in the US we can have two this year?Given recent rate cuts in India and potential cuts in the US, a balanced approach is advisable. Equities offer higher returns but are volatile, while debt instruments provide diversification and capital gains with rising bond prices. Investors may look to diversify their portfolio with a mix of equities and bonds to manage risks and capture growth opportunities. However, investors should first consult an advisor to assess an individual's risk profile. With LIC MF’s three ETFs demonstrating stronger performance compared to the broader market average over the past year, are there any plans to launch new ETFs in the near future?This reflects a solid strategy focused on better execution with a view to minimising tracking error. Looking ahead, LIC MF does want to be a serious player in the ETF and Index fund.(Disclaimer: This disclaimer informs readers that the views, thoughts, and opinions expressed in the article belong solely to the author, and not necessarily to the author's employer, organization, committee, or other group or individual. The information in this article alone is not sufficient and should not be used for the development or implementation of an investment strategy. Past performance may or may not be sustainable in future and is not a guarantee of any future returns. Neither the Sponsors/the AMC/ the Trustee Company/ their associates/ any person connected with it, accepts any liability arising from the use of this information.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Pakistan's equity benchmark Karachi 100 (KSE 100) index opened over 9% higher on Monday after the country’s military called for a ceasefire with India over the weekend, following heavy losses at its air bases.The KSE 100 rallied more than 9% to 117,104 points, after closing Friday’s session 3.5% higher. Pakistani stocks had been under pressure, and trading was halted for an hour on Thursday after the benchmark index crashed 7.2% amid panic triggered by India's Operation Sindoor.So far in May, the KSE 100 index is down 3.4%, after a 5.5% decline in April, driven by escalating India-Pakistan tensions following the April 22 terrorist attack on tourists in Pahalgam, Kashmir.Meanwhile, India’s Sensex and Nifty also surged more than 2.7% on Monday. However, analysts cautioned that any fresh violations of the ceasefire by Pakistan could undermine the current bullish sentiment."India’s efforts to negotiate trade deals will strengthen global business links and help it boost exports, bringing in steady foreign capital and enhancing competitiveness. Coupled with balanced global relationships and strong partnerships, this creates a relatively stable investment destination," said Devarsh Vakil, Head of Prime Research at HDFC Securities."The ceasefire between India and Pakistan has paved the way for a sharp market rally. The key driver will be sustained FII buying, which continued for sixteen straight days—except last Friday when tensions spiked. Domestic macros like high GDP growth expectations, a revival in FY26 earnings, and declining inflation and interest rates support a renewed market uptrend," said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.