dr gs sood
TWO recent events vindicate my view on the market being in a secular bull run with intermittent corrections coming in. One, the rating upgrade and the other, the Supreme Court’s cancellation of allotment of coal blocks. The market may have run ahead of fundamentals but the uptrend will continue to sustain, more due to earnings’ expansion than due to expansion of earnings’ multiples. The fundamentals, of course, have started to catch up, as reiterated by an upgrade of India’s sovereign rating by international rating firm Standard & Poor (S&P) from negative to stable.