Aug 5, 2026
Is India really becoming uninvestable, or are investors missing
the bigger picture?
In this episode of the Capitalmind Podcast, Shray Chandra,
Co-founder at Capitalmind Financial Services, speaks with Deepak
Shenoy, Founder and CEO, Capitalmind Mutual Fund, about the current
pessimism around Indian markets and whether we may be approaching a
point of peak pessimism.
The discussion covers:
• Why investors are bearish on India right now
• The bear case around the rupee, crude oil, gold imports, FPI
outflows and AI disruption
• Lessons from previous market crises in 2002, 2009, 2013, 2020 and
2022
• Whether today’s negative narrative is worse than the underlying
data
• India’s earnings recovery, industrial growth and the return of
the CapEx cycle
• How AI could impact Indian IT companies and the broader
economy
• Why foreign investing matters, but why going completely global
may not be the answer
• How investors should think about equity allocation, flexi cap
funds, multi-asset funds and phased investing
Deepak shares his perspective on why market narratives often become
most negative near turning points, and why long-term investors
should focus on data, earnings and portfolio construction rather
than short-term sentiment.
If you are tracking the Indian stock market outlook, mutual funds,
equity investing, portfolio allocation, global investing, or wealth
creation, this episode offers a detailed perspective on where
markets could head next.
Speakers
• Deepak Shenoy - Founder & CEO, Capitalmind Mutual Fund
• Shray Chandra - Co-founder, Capitalmind Financial Services
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investing, markets, personal finance and wealth management.
Chapters:
00:00:00 - Introduction & Episode Overview
00:02:02 - Steel-manning the Bear Case for India
00:05:42 - Why the Bear Case Isn't the Whole Story
00:06:47 - Historical Parallels: 2002, 2009, 2013, 2020
00:17:40 - Are We at Peak Pessimism Right Now? (May 2026 Data
Check)
00:21:51 - What Do We Do About Crude
00:24:52 - Gold Imports & Potential Fixes
00:26:51 - Indian Corporate Earnings & Profit Growth
00:30:10 - CapEx Revival & Credit Growth
00:35:44 - AI: Threat or Opportunity for India?
00:38:35 - FPI & FDI Outflows — Will They Reverse?
00:43:29 - Should You Invest Abroad? The Case for
Diversification
00:48:43 - Practical Advice: How to Deploy Cash Now
00:53:10 - Large Cap vs. Small Cap & Which Funds to Consider
00:54:55 - Closing Remarks & Capital Mind Offerings
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Disclaimer: This podcast is for educational and informational
purposes only and should not be construed as investment advice,
recommendation, or a solicitation to buy or sell any securities.
Investors should evaluate their own financial goals, risk profile
and consult a qualified financial advisor before making investment
decisions.