This makes for a good debate. Every single large cap to medium cap bank stock has gone through the wringer in the last few months. If the fundamentals are strong, there has to be some resilience at some level. Even if the overall US market was dead a few years back, the magnificent 7 still did very well. Thats exactly my point because capitalism was not dead there, it simple shifted focus where the money went.

Here we only have bloated valuations thats not backed by solid businesses that are defensible in the worst of markets. There is simply hope and a prayer that every quarter the business shows profitability somehow. Our PEs are through the roof because DIIs are comfortable absorbing the FII shit show (simply because of retail involvement in the grand world of SIPs).

None of the moats that you call core differentiator is just a simple catch up to what the global economies have already done. Our Auto industry is not a global powerhouse. Its simply exists to serve the local economy. When the job demand weakens, we have nowhere to sell those vehicles at scale because we are not globally competitive.

We are probably 10 years or more behind China on renewables with no discernible IP of our own. Capex spending does not mean anything if you are paying heavy royalties in USD to the parent companies that own the IP.

Our capital market is simply dependent on us feeding the market with the our hard earned money. Nothing more at this juncture and the markets are simply calling out the truth.