Markets are back at all-time highs, but it doesn’t feel like a bull run because retail activity isn’t picking up. Active clients on NSE, Google & social media trends are way below all-time highs. Unlikely that activity will pick up given the higher interest rate environment.

I keep telling our team that our competition is really the bank’s fixed-deposit rates, not our peers. Most retail investors question whether taking the added equity risk is worthwhile when govt bonds and FDs yield 7%+.

What do you think will happen?

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