The bitter truth of the Indian stock market is that when the market is flat, portfolios fall, when the market goes up, portfolios remain flat, and when the market falls, portfolios collapse. Sensex, Nifty and Bank Nifty may be near all-time highs, but most portfolios are deep in the red, with nearly two-thirds of stocks negative and median drawdowns severe. It feels like a taxi standing still while the meter keeps running, frustration is natural. As per market grapevine, indices appear managed to maintain a bullish illusion so SIP flows continue, while 80–85% of stocks are down 20–80% from their highs. This divergence has pushed many investors to exit equities and mutual funds over the last few months and shift to gold and silver, where they have earned fast and satisfying returns, adding to the frustration in cash equities.
