“Portfolio pain may be deeper than headline indices suggest.”   In a recent interview with Business Standard, Mr. Dhiraj Relli, MD & CEO of HDFC Securities, shared insights on what investors are experiencing beneath the surface of headline market indices.   While benchmark indices such as the #Nifty50 have delivered around 10.5% returns in 2025, the broader market tells a different story. Many stocks in the #BSE500 have seen significantly deeper corrections explaining why many investor portfolios feel far more pain than headline indices suggest.   The interview addresses several questions investors increasingly ask today:   Why do many portfolios show deeper losses even when indices are rising? • Broader market correction has been deeper: Median losses across many stocks have been significantly sharper than index movements.   How do geopolitical tensions affect equity markets? • Events such as the West Asia conflict create uncertainty through potential impacts on crude oil prices, capital flows, and corporate…