So are you in some way suggesting that the markets have been beaten down to levels that are today attractive for an investor to be entering here?
Definitely yes. But you would need the requisite patience. The kind of rebound that we have seen in the last couple of days, it is now going to be time factor being in the equity markets so long as the global uncertainties are there. On the domestic front, there is definitely a marginal moderation in growth happening and given the kind of focus that the central bank is having on inflation, so you have one negative sitting over there.
Then volume growth is an issue to a certain extent, but on the other hand valuations are looking exceedingly attractive. As things turn incrementally positive from here, the equity markets are looking very good, but you would need to have the patience to be sitting over there for a 12-24-36 month kind of period. It is any news of incremental global risk aversion because the market is so much dependent on FII flows at this point of time, it could sway the market on the downside.
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