New Delhi, Nov. 28 -- Indian markets are on a tear again. The Nifty 50 recently surged to a fresh all-time high of 26,310, and yet, in a twist that feels both familiar and baffling, retail investors have quietly been doing the exact opposite of what logic (and every personal finance book ever written) suggests - they have been selling.

According to Ashish Singhal, co-founder of CoinSwitch, retail investors sold Rs.19,700 crore worth of stocks this quarter, marking the biggest selling in two years. That's happening at the same time the market is hitting new peaks.

'If this feels like deja vu, it's because it is,' Singhal said in a LinkedIn post.

For decades, investor behaviour has followed a near-predictable emotional loop: euphoria on ...