There's no fear that we are slipping into a bearish stock market: Sunil Subramaniam

economictimes.indiatimes.com:

Sunil Subramaniam, MD & CEO, Sundaram Mutual, says from an economic news perspective, I do not see any surprises. We are in a festival season and this time we have a slightly elongated festival season with Diwali coming in around mid-November. That is good news from the consumer section, consumer durables and auto and housing sectors and that is good news for the markets. At the same time, the state assembly elections in key Hindi belt states will provide a little bit of a clue in terms of the next coming parliamentary election. While they will not have a significant impact because voters behave differently in parliament, the markets will be a bit sensitive if those elections do not go the way of the ruling party at the Centre.

What is your view on the market? Right now we were cruising around that 20,000 mark headed for higher levels and then suddenly back to 19,500?
Yes, it is just a reflection of stuff happening outside India in terms of oil prices strengthening as well as the US Fed being hawkish in terms of the interest rate outlook and their actions. These two tended to be a bit negative for emerging market flows and India especially is very sensitive to oil. We import 85% of our crude and hence any movement trend around oil makes a big impact.

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So, September onwards, Saudi Arabia and Russia are announcing production cuts. We have the winter coming over in the advanced economies, that is Europe and the US, which means there will be greater energy demand for