India’s equity markets are quietly laying the groundwork for what could be the next major bull run, according to Atul Suri, CEO & CIO of Marathon Trends. Speaking to ETMarkets on October 13, 2025, Suri emphasized that while the indices may appear range-bound in the short term, the underlying structural shifts are setting up a powerful breakout. He highlighted three mega trends that are expected to lead the charge: defence manufacturing, online retail, and green energy transition.
Suri’s bullish outlook comes amid a phase of consolidation in the broader market, with midcaps and smallcaps showing resilience and foreign investors turning net buyers. He believes this “rest before the sprint” is a classic setup for long-term wealth creation, especially as India aligns with global themes while capitalizing on domestic reforms.
🧠 Atul Suri’s 3 Mega Trends Powering India’s Next Bull Run
| Mega Trend | Description | Investment Implication |
|---|---|---|
| Defence Manufacturing | Driven by Make in India, export push, and private sector entry | Defence PSUs, aerospace, drone tech stocks |
| Online Retail | E-commerce penetration beyond metros, logistics innovation | B2C platforms, warehousing, last-mile delivery |
| Green Energy | Solar, EVs, hydrogen, and carbon credits gaining traction | Renewable energy firms, battery makers, ESG ETFs |
These sectors are expected to attract both institutional and retail capital, with new leaders emerging from midcap space.
📊 Market Performance Snapshot – October 2025
| Index | Weekly Change (%) | Commentary |
|---|---|---|
| Nifty 50 | +1.6% | Best week in 3 months, led by IT and banks |
| Sensex | +1.6% | Foreign buying returns |
| Midcap Index | +2.1% | Rotation into high-growth sectors |
| Smallcap Index | +1.4% | Retail participation remains strong |
The narrowing valuation gap with global peers has reignited FPI interest, especially in cyclical and reform-linked sectors.
🗣️ Reactions from Market Participants
- Fund Managers: “We’re seeing early signs of sectoral leadership rotation.”
- Retail Investors: “Midcaps are buzzing again. Time to stay invested.”
- Brokerage Analysts: “Defence and renewables are the new IT and pharma.”
| Stakeholder Group | Sentiment Summary |
|---|---|
| Institutional Investors | Bullish on structural themes |
| Retail Traders | Cautiously optimistic |
| Policy Experts | Supportive of reform-led growth |
| Global Funds | Increasing India allocation |
The sentiment is shifting from short-term trading to long-term thematic investing.
🧾 Sectoral Rotation and Leadership Trends
| Sector | Trend Direction | Key Catalysts |
|---|---|---|
| Defence | Uptrend | Export orders, private participation |
| Online Retail | Uptrend | Festive demand, Tier 2–3 penetration |
| Green Energy | Uptrend | Policy support, global ESG flows |
| FMCG | Neutral | Margin pressure, rural demand lag |
| IT & Pharma | Mixed | Global demand uncertainty |
Suri believes that the next bull run will be led by new-age sectors, not traditional heavyweights.
🧭 What Investors Should Watch
- Earnings Season: Q2 results to validate sectoral momentum
- Policy Announcements: Defence export incentives, EV subsidies
- Global Cues: US Fed stance, China recovery, oil prices
- Domestic Liquidity: SIP flows, retail DII activity
The next 6–9 months could be pivotal for portfolio positioning, especially in midcap and thematic funds.
Disclaimer
This news content is based on verified market commentary, financial data, and expert interviews as of October 13, 2025. It is intended for editorial use and public awareness. The information does not constitute investment advice, trading recommendation, or financial endorsement and adheres to ethical journalism standards.
