Pseudo Bull Market? India Actually In A Relative Bear | Market Reality Check

The expert explains why the current rally in India is misleading- calling it a pseudo bull market. While Nifty appears flat in absolute terms, down only 5%, the truth changes completely when viewed in dollar terms, where the market is down close to 10%. With currency depreciation and capital outflow, India is significantly underperforming relative to global and emerging market indices. While India remained flat, China and Korea rallied 30–50%, creating a huge performance gap. This means India is currently in a relative bear market, even if the headline numbers appear stable. Like FMCG stocks in the last cycle, staying flat during global rallies effectively means losing out.