Shankar Sharma, a well-known Indian market commentator, has argued that the current downturn in Indian equities is not a temporary or mild “correction,” but a full-fledged bear market that has been ongoing since the start of this bear phase. In his commentary, Sharma suggests that many parts of the Indian market ecosystem—spanning retail-facing financial influencers, wealth and fund managers, mutual fund distributors, and even parts of the media—have repeatedly projected that a market bottom is near or already in place.
The central thrust of Sharma’s message is that, despite broad and persistent calls for a market bottom, the market has continued to struggle, thereby challenging the reliability of those predictions. He points out that Indian market participants and commentators have, according to his view, been consistently calling the end of the decline for roughly two years. Sharma’s claim highlights the pattern of repeated bottom-fishing narratives, where optimism is voiced even as price action has not confirmed a durable recovery.
Sharma frames this situation as an example of how difficult it is for the market community to remain accurate under prolonged adverse conditions. By emphasizing that this is a bear market rather than a “silly correction,” he is drawing attention to the language used by market voices and how that language can shape expectations among investors. The implication is that down markets can lead to cycles of premature optimism: once a brief stabilization occurs, commentators may infer that the broader trend has ended, only for additional weakness to follow.
In addition to the criticism directed at “bottom” calls, Sharma’s comments also point toward the incentives and behaviors of different groups involved in market communication. He mentions finfluencers, fund and wealth managers, mutual fund distributors (MFDs), and media, implying that each of these groups plays a role in shaping investor sentiment. When these groups repeatedly suggest that the worst is over, investors may feel reassured and may interpret ongoing volatility as confirmation that the market is nearing a turning point.
However, Sharma’s argument is that the market’s trajectory contradicts those repeated signals. If the downturn has already persisted for about two years and remains unresolved, then earlier claims of a bottom—whether in public commentary, analyst notes, or promotional narratives—can be seen as inconsistent with the lived reality of investors’ experience. This mismatch between narrative and outcomes, according to Sharma, becomes a key reason why investors may be confused or misled.
The message also carries an implicit caution about how investors should interpret market commentary during prolonged declines. Sharma’s stance suggests that investors should be wary of confident bottom calls that come without sustained evidence of trend reversal. In a bear market environment, even modest rebounds can occur, but they may not indicate a structural bottom. Sharma’s overall tone indicates skepticism toward “evergreen” optimism and the tendency of market participants to renew their calls for a bottom whenever the market shows temporary strength.
Another element of the commentary is its focus on the duration of the decline. Sharma specifically notes that the bear market call is not new and has been reinforced across the past two years by what he describes as widespread bottom predictions. By bringing up the timeline, he strengthens his claim that the downturn is still entrenched rather than fading.
Overall, Sharma’s commentary is essentially a critique of prediction reliability and the persistent habit of declaring bottoms prematurely. He frames the current environment as a prolonged bearish cycle and suggests that many market voices have been repeating the same conclusion—namely that the decline is near its end—without it ultimately aligning with the market’s longer-term behavior.
For readers and investors, the takeaway is to recognize the difference between short-term price movements and confirmed trend reversals, and to treat bottom calls—especially repeated ones over extended periods—with caution. Sharma’s remarks underline that a bear market can remain bearish for a long time, and that repeated confident messaging can create false expectations.
Source: Shankar Sharma
Shankar Sharma: Since this Bear Market started ( and Yes, it’s a full blown bear market, not a silly ” correction” etc), Indian SM has been calling a bottom for the past 2 years. That’s okay: there is swarth anywhere you look: finfluencers, fund & wealth managers, MFDs, Media, etc. So they. #breaking
— @1shankarsharma May 1, 2026
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