In a reflection on recent market trends, Navneet Munot, MD & CEO of HDFC AMC, discusses the fluctuating sentiment on Dalal Street amid recent declines in the Nifty 50 by 12% and Sensex by 11% over the past six months. Munot acknowledges the market's downturn since its peak in September '24 but highlights substantial gains over the last five years, noting the Nifty's nearly 2.8-fold increase since dipping below 8,000 five years ago. While cautioning about high valuations and the gap between market narratives and fundamentals, Munot suggests potential opportunities for long-term investors deploying capital cautiously.