
Despite strong GDP at 8.2%, RBI rate cut and festive auto sales, Dalal Street remains in deep gloom. Amit Goel highlights brutal price destruction in mid/small-caps, worse than the March-April 2025 crash, leaving investors shaken. He believes the “heady days” of 2024 are over; broader small/mid-cap indices still not attractive. Global headwinds are rising - 2026 looks ominous worldwide. PACE 360 has sharply cut equity exposure to near-zero, exited Nifty ETFs at 26,170-26,200 levels, and moved almost entirely into corporate debt yielding 11%. Gold & silver no longer safe-havens; likely to fall with equities next year. Outlook: sideways near-term, limited upside, longer-term caution.