Whats the key risk to our domestic market? Global concerns, earnings deceleration, higher interest rates, political instability?
All of them. Our take is that the global concern over time will lessen. We don’t see any big bankruptcies happening in the U.S. It will slowdown and probably even go into a recession but we do not view that as a real risk to India. The local risk is the Indian macro problem that I have outlined above. The second risk is the political issue. Elections will take place and no one knows what will happen after that. There is no saying if the same government will return to power and whether the government that comes to power will have a majority and will be a stable government. Instability in politics is never good for the equity market. More than earnings, it is these two factors that will cause a problem. If you believe we are in a bear market, do you have a view on how long it will last? I do believe that we have entered a bear market. I reckon it could be a year or two. I don’t see it changing next month. The only thing that will change my view is if oil goes to $50 per barrel. That is t
