New Delhi, June 19 -- Domestic brokerage house Nuvama Institutional Equities caution that India's post-COVID bull run, now over five years old, is entering an advanced stage. With valuations steep and revenue growth stagnating, the brokerage suggests investors pivot from speculative themes toward margin-driven sectors like metals, telecom, cement, consumer, and private banks. They argue that rolling sector churn is giving way to a slower, more selective investment environment requiring precise stock picks.

The brokerage notes that "every bull or bear market, typically, expires in about five years"-and in India's case, that period was reached in March 2025 with the end of the post-COVID rebound. While headwinds like high valuations and fl...