‘Indian mkts chase an “invisible bull” amid rising dispersion’

Indian equity markets are being propelled by an “invisible bull’ — potent yet elusive — as dispersion cements itself as the defining feature of the current cycle.

- Palazhi Ashok Kumar

Even as benchmark indices struggle to signal a clear direction amid global volatility, sharp rallies in select stocks and sectors point to a market that is advancing quietly, stock by stock, rather than in a broad-based surge, market gurus opined. Since US tariffs introduced a new layer of structural uncertainty into global trade and capital flows, Indian markets have become increasingly sensitive to foreign liquidity and margin dynamics. This has resulted in heightened volatility and unpredictable price movements, reinforcing a trend where market leadership is narrow and constantly shifting. “Investors sense momentum, but it is fragmented, creating the impression of a bull market that exists beneath the surface rather th