What is disappointing the markets? Is it the localised lockdowns and curbs which are affecting the sentiment?
Yes. The September and the December quarters’ earnings led to a massive upgrade to feature forward looking estimates and the sense one gets is that it will be very difficult for anybody to be more optimistic about earnings going ahead. While the lockdowns are localised and the impact is not as deep as what we had during the national lockdown last year, it is fair to say that certain activities will take the back seat given how widespread the second wave is. It is obviously causing a lot of disruption to families and incomes of those that are affected as well as those businesses which have been forced to shut down again.