Samir Arora: Let’s look at what are the issues that are facing our markets right now. First of all to say that it won’t be like last year is not a great thing to say because obviously last year the market was 70%. So, to say it is not up like the year before it has no value. The value is, will you make more than the 8% or 7% that you get in your bank or in your mutual funds for fixed income or whatever. That is the whole idea of choosing between equity and debt. It is not like, will you make as much money as last year? No, you will. Even I agree.

But let’s look at all the problems that we are facing today and saying that they are problems of our market. Firstly, foreign investors are not buying.

Secondly, retail investors are not buying. Thirdly, IPOs are not going through.

In December, foreign investors were buying, retail investors were buying, IPOs were getting oversubscribed 100 times. So, where did that lead you one month later. If the simultaneous presence of all these factors in December could not give you returns one month out, why has the absence of these factors taken such a big deal? Do you think the world will wait to see if some high networth guy in India has the confidence or not? The bottomline is in the month of February, the market is up more than 3%, which I think in any definition is a good return for this month. So, why are we thinking beyond January that India is not going anywhere? 3% is not a bad return at a time when we all think that it is not doing anything. The market does not have to go 40% to call it a bull run. If it does better than its alternatives for the retail investors in India, it is a good enough reason to be in equity and then it takes on from there.