The sudden market optimism that followed a de-escalation in global trade tensions feels more like a respite than a turning point. The US-China trade agreement and a ceasefire understanding between India and Pakistan have spurred a partial recovery in Indian equities. Yet, beyond the relief rally lies a deeper, unresolved concern: weak fundamentals, stretched valuations, and a global trade order in flux.Indian markets have clawed back over half of the ₹92 trillion lost since mid-2024. But even with this rebound, the net erosion of almost ₹43 trillion—or 21% of household income—remains daunting.
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