S Naren says markets in ‘boring cycle’, wants investors to temper return expectations and rethink silver, smallcaps and AI bets

India's investment market is in a 'boring cycle'. Investors should maintain current allocations but expect moderate returns. S Naren of ICICI Prudential AMC advises patience, especially for smallcaps. He highlights India's potential as an AI user and defends the budget's STT hike for long-term market health. Precious metals like silver are cautioned against, with gold seen as more stable.