Nithin Kamath says India’s stock market rally may not be a true, broad-based bull run. He points to weak cash turnover and negative equity inflows, arguing that gains are being powered more by SIP participation and leveraged trading. The result, he cautions, could be a market that looks bullish while speculative activity outweighs genuine investment.
Between 2024 and early 2026, India’s real estate sector drew a record $30.7 billion in equity inflows, signaling aggressive investor confidence. The capital surge is largely being directed toward land, development opportunities, and commercial properties, supported by improving market sentiment and structural changes that have boosted perceived growth potential.
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March AMFI data shows equity mutual funds witnessed a sharp 56% month-on-month inflow jump to Rs 40,450 crore, boosted by flexicap, smallcap and midcap segments. In stark contrast, debt funds logged a massive net outflow of Rs 2.94 lakh crore, while hybrid funds also ended the month with net withdrawals.
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