No Fireworks, No Crash — Shankar Sharma Says Market Is In Exit Phase Of Bull Cycle

Is the Indian market in a time-corrective bear phase? Veteran investor and GQuant founder Shankar Sharma shares a sharp and insightful take on the current market environment. With the Nifty delivering just 2% returns over the past 12 months — despite a 17% rally in the last four — Sharma argues that the headline indices are unlikely to deliver the typical 10–15% compounding investors have come to expect. He explains why this isn’t a crash-led bear market, but a more frustrating phase of flat returns and rising opportunity cost. Drawing on his “Lake of Returns” theory, Sharma says we’re in the post-bull run exit cycle, where investors must learn to “graft on a difficult pitch” rather than chase quick gains. Watch the full conversation for deep insights on market cycles, why it's important to recalibrate expectations, and how investors can still score — even on a tougher wicket.