Vinit Sambre, Head-Equities, DSP Mutual Fund, says although the price moves have been pretty fast and we did not anticipate the quick up move, nowadays, the narratives take over significantly, and hence, at any point in time, the room or the margin of safety becomes very low. The momentum should be sustained as far as the IT sector is concerned. Specialty chemicals is not a homogeneous sector, and for each company, the metrics are different and we are still seeing challenges with some companies. Some companies are emerging slightly better where they have been able to crack new clients and I think we are being very stock-specific out here.
What about the liquidity flow that we have seen because the FIIs have decidedly either not participated or been on the fence for the most part? It has been a domestic-driven rally for our markets. Is that going to continue?
Vinit Sambre: This is one of the important facts where markets should not see big declines because the dips are going to be used by all sorts of investors to build positions. You are right FIIs have been on the sidelines. Even our interaction with a lot of them suggests that they are pretty much sold on the India macro story. They all understand the story. They want to participate, but just that some of them are a bit cautious around the valuations, and the moment we have some bit of easing out on valuations, investors will want to come into and participate in the long-term growth story out here.
So, I would say that maybe the declines will be shallower and