Only six 1990 Sensex firms remain today, says ICICI CIO on asset‑allocation risks
TL;DR
- Only six of the 1990 Sensex constituents are still in the index
- ICICI Prudential CIO warns against treating beaten‑down stocks as asset classes
- NASDAQ, US dollar and Indian mid‑caps flagged as risky bets
- Gold seen as a limited‑allocation play
At the ET Wealth Expo in Mumbai, S Naren, chief investment officer of ICICI Prudential Mutual Fund, highlighted that only six companies from the 1990 Sensex—Tata Steel, Hindustan Unilever, Reliance Industries, Larsen & Toubro, Wipro and ITC—remain in the benchmark today, with Mahindra & Maharashtra re‑entering later.
He argued that allocating money to an asset class after a correction differs fundamentally from repeatedly buying individual stocks hoping they will recover, as many beaten‑down stocks never regain their former value.
Naren flagged the NASDAQ and the US dollar as examples of “anti‑asset‑allocation” bets, noting their strong recent performance but warning against assuming continued outperformance.
Gold was mentioned as a structural play due to central‑bank dynamics, yet he suggested only a modest allocation given its recent rally.
Indian mid‑cap and small‑cap segments, which have posted strong returns since 2020, were also cautioned against as broad asset‑class bets, though individual companies may still perform well.
Why It Matters
For Indian investors in the US, Canada and India, the insight that most historic benchmark stocks have vanished underscores the danger of concentrating portfolios in individual equities that appear cheap after a fall. The CIO’s caution about chasing past‑performance asset classes such as the NASDAQ, the US dollar and Indian mid‑caps is especially relevant for NRIs who manage cross‑border investments and need to balance risk across global markets.
Oct 31, 2026 · Updated 10/31/2026, 10:38:38 AM · Reported with: The Economic Times Markets
Sources (1)
NRI Bytes writes its own articles from the reporting below.
The Economic Times Markets — ET Wealth Expo | Only 6 of 1990's Sensex stocks survive: S Naren's case for smarter asset allocationUp next · Business & Finance
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