To solve this, we need to understand the meaning of "constitutional morality" and its focus on core values:
1. Step 1: Understanding Constitutional Morality.
Constitutional morality refers to the respect and adherence to the Constitution's principles, values, and guidelines. It is the idea that the functioning of a democratic society should be based on constitutional principles, even when popular opinion or political expediency suggests otherwise.
2. Step 2: Core Values in Constitutional Morality.
The core values that constitutional morality promotes include the rule of law, liberty, equality, and fraternity. These principles are derived from the preamble and the essential framework of the Indian Constitution, guiding the functioning of the government and the protection of citizens' rights.
3. Step 3: Elimination of Incorrect Options.
Option (2) Market freedom and property rights are not central to constitutional morality; it focuses more on justice, liberty, and equality.
Option (3) Popular sentiment and public morality can change over time, but constitutional morality remains rooted in the constitution.
Option (4) Executive discretion and majoritarianism are not in line with the principles of fairness and equality found in constitutional morality.
4. Step 4: Conclusion.
The correct answer is Option (1), which includes the values of rule of law, liberty, equality, and fraternity, all of which are the essence of constitutional morality.