Last time when we were speaking in the month of January you had talked about as to how the run up from last March has been like the beginning of a new bull run. You also predicted that the market is going to see some volatile bouts. Would you say that now with the second Covid wave and return of curfews and mini lockdowns, the market has got derailed?
Let me first put in perspective what are the legs on which this bull market is running. The start of this bull market was from very low valuations and we have had a fantastic rally. So valuations have run up a lot, but at the same time the earnings have also been good. You cannot say that only prices are going up and valuations are getting expensive.