New Delhi, March 3 -- Every investment idea begins with opportunity and quietly ends with concentration. What starts as thoughtful allocation can harden into rigidity, the belief that what just worked will continue to lead. In Indian equities, that assumption rarely survives long. Leadership rotates. Narratives shift. Valuations reset. Flexibility, therefore, is not a tactical overlay. It is the allocation framework itself.

Cycles are conditions, not headlines

Investors often look for turning points through macro signals or policy shifts. Markets rarely operate with that kind of clarity. Cycles show up first in expectations, in valuation spreads, narrowing breadth, and then finally in the discomfort of owning what just stopped working....