Six Years of Euphoria, Then the Pendulum Swings There is a rhythm to markets that most investors sense but few act on wisely. "We may never know where we're going, but we'd better have a good idea where we are." - Howard Marks For nearly six years — from the pandemic lows of March 2020 through much of 2025 — Indian equity markets delivered a remarkable bull run. The Nifty 50 climbed roughly 3.4 times from its Covid trough of 7,610 to a peak above 26,000 in September 2024. The