The Core Report #731 The 14-Month Wait Is Coming To An End
Nov 20, 2025
Anil Rego, Co-founder of Right Horizons PMS, discusses market cycles and how mid/small caps are gaining traction. He elaborates on the earnings recovery outlook and potential for a significant market breakout. Pawan Bachwal, Ericsson's VP, highlights the company's role in India's fintech and 5G infrastructure. He shares insights on innovative APIs, AI's role in fraud detection, and the impressive growth of India's UPI system, showing how these developments can be replicated globally. Together, they provide a fascinating look into market dynamics and technological advancements.
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Markets Near Historic Highs
- Indian benchmarks are within striking distance of their September 2024 all-time highs after a year-long market cycle.
- Stronger corporate earnings, recalibrated valuations and rising flows are the main drivers, Govindraj Ethiraj reports.
Rupee Moves Reflect Dollar Demand
- RBI Governor said the rupee's depreciation is market-driven and due to higher dollar demand.
- He emphasized the central bank does not target any specific rupee level, Govindraj reports.
A Year Felt Like A Full Cycle
- Anil Rego says the past year behaved like a full market cycle with mid and small caps correcting then recovering.
- He argues the correction improved valuations and sets the stage for earnings recovery and further upside.