New Delhi, May 12 -- As investors, it is critical to understand the market environment we are operating in. Clarity about the landscape determines how well we navigate it.

Some markets are secular in nature, showing a largely one-way movement in valuations. Secular bull markets lift most stocks, making almost every investor look successful. These are easy phases to succeed in. Secular bear markets, on the other hand, compress valuations across the board, making even skilled investors appear ordinary.

We witnessed a secular bull run from 2020 to 2024. Investing felt easy and most investors delivered respectable returns.

But 2025 and 2026 have set the stage for a different kind of market.

The current phase is marked by sideways movement...