India’s trade deals with the US and the EU have lifted a major overhang on the stock market — and foreign money may slowly return. But is this the turning point for a new bull run, especially in small caps? In this sharp analysis, Debashis Basu explains why trade relief reduces risk but does not automatically create growth. With weak domestic demand, cautious private capex and stretched valuations, markets may see tactical rallies — but sustained gains will depend on earnings revival, not optimism alone.

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