“Irrespective of how nice a inventory picker you’re, bear in mind one factor: majority of your returns will probably be pushed by the macro cycle of the Market. Therefore, timing the macro cycle isn’t just essential, however Important,” Sharma mentioned in a tweet.
In his view, no investor made cash between 2014 and 2020, a interval he described missing macro tailwinds whereas a lot of the good points being made within the final 4-5 years. “( Eg: between 2014-2020, no person made a lot cash. Small caps had been a catastrophe. GDP development was abysmal. Corp earnings had been saddening. For all traders throughout sizes, 90% of their present portfolio price got here in solely the final 4-5 years.) Assume deeply about this,” Shrama mentioned.
Irrespective of how nice a inventory picker you’re, bear in mind one factor: majority of your returns will probably be pushed by the macro cycle of the Market.
Therefore, timing the macro cycle isn’t just essential, however Important.
( Eg: between 2014-2020, no person made a lot cash. Small caps had been a…— Shankar Sharma (@1shankarsharma) November 20, 2025
Nifty has delivered multibagger returns of 102% within the final 5 years whereas BSE Sensex has yielded 94% in the identical interval, in line with Trendlyne knowledge.
Within the broader markets, the Nifty Midcap 100’s returns over the past 5 years stand at 217% whereas Nifty Smallcap 100 at 189% as on the Friday, November 21 closing.
The just lately concluded earnings season noticed decrease downgrades.
“Put up Q2FY26, Nifty 50 noticed marginal revisions (in consensus estimate), as mixture web revenue for FY26E/ FY27E/ FY28E was downgraded by 0.7% and upgraded by 0.1% and 0.3%, respectively,” Alternative Broking mentioned in a word.
Bigger upgrades (within the consensus web revenue estimates) had been witnessed throughout autos on the again of improved traction in auto gross sales quantity together with capital items on higher expectation of personal capex in 2HFY26, Telecommunication’s upward revioin is led by development in wi-fi ARPU pushed by premiumisation and and monetary providers was pushed by increased credit score development and stabilising NIM margin.
Downgrades are noticed for constructing supplies as a result of decrease realisation and decrease profitability and power as a result of decrease income development. Metals, energy and transportaion are additionally within the queue.
For metals, weaker realisation and decrease home demand was the most important undoing whereas for energy, decrease energy demand and weaker margin acted spoilsport. As for transportation one-off foreign exchange losses had been the culprits, this brokerage added.
Motilal Oswal, in its evaluation word mentioned that the Nifty-500 universe delivered a wholesome double-digit earnings development in 2QFY26, the best
in 5 quarters, regardless of geopolitical headwinds and weak consumption traits. “Combination earnings of the Nifty-500 Universe grew 15% YoY. Ex-Financials, the reported mixture earnings jumped 20% YoY. Ex-Metals and O&G, the
mixture earnings grew 9% YoY,” MOFSL mentioned.
Additionally Learn: Shankar Sharma says India, US at lowest publicity in 30 years, stays bearish on indices
(Disclaimer: The suggestions, solutions, views, and opinions given by the specialists are their very own. These don’t symbolize the views of The Financial Instances.)
