I think two of the companies – Infy and LT in your examples grew tremendously during the periods you mentioned because of two bubbles we saw in recent times. Dot com bubble between 1995 and 2000 and real estate / infrastructure bubble of 2004-2007.
Once these bubbles bursted in late 1999/2000 for dot com and 2007 for real estate, which also led to many companies exited the market (Unitech, GTL limited, Visualsoft etc.), there was a lull period and negative sentiments for these sectors in general due to which even good companies like Infy and LT suffered for many years.
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