A 30-Year Market Picture
If we look at the market from 1995 to 2025, one clear pattern comes out. The movement of tech stocks and defensive stocks keeps changing over time. This long view helps us see how different parts of the market take turns to lead and fall behind.
What Are Defensive Stocks
Defensive stocks are companies that sell daily need items and services. These include FMCG, consumer staples, healthcare, utilities, and similar sectors. People use these products in good times and bad times, so these stocks are seen as more stable.
Tech Boom and Defensive Fall
History shows that when tech stocks rise very fast, defensive stocks lose their share in total global market value. During tech booms, the percentage of defensive stocks in global market cap falls sharply. After some time, this gap slowly comes back to normal levels.
A Pattern Like the Dot-Com Era
Right now, the situation looks similar to what happened during the dot-com boom around the year 2000. Defensive stocks again fell far below their normal share of global market value. From past data, after such a fall, defensive stocks usually start rising again.
What This May Mean for India
If this global change continues, India may also see a shift. Sectors that stayed weak for some time, like FMCG, PSU banks, and even pharma, may start doing better. These may perform stronger than IT stocks or other high-risk sectors.
A Changing Market Trend
This looks like a slow change in global market direction. Tech may not stay the only leader anymore, and other parts of the market may get attention. If this happens, both global and Indian markets could move in a more balanced way in the coming time.
