Synopsis
Why talk about a correction when the market is clearly in bullish mode? Because, for one, you should always be ready for a correction; along with volatility, it is a part of the market. Second, it is important to know the reason for any correction in the market. Going forward, corrections are likely to happen more because of profit-booking rather than any structural reason. Now, this is very different from how things were in January and February when high valuations and low growth made it a structural issue. With Q4 earnings being better than expected, at least the concern over growth has been addressed. Valuations though are still not cheap. But if there is growth, valuations can be justified.
As they make a comeback, the bulls are getting support both from domestic and global news flow, as well as the RBI’s moves. In the coming days and weeks, we are thus likely to see the emergence of several narratives explaining why this or the other sector will do well.Now, what is a narrative? It’s essentially the street’s explanation or justification for some stock/sector doing well or not. One of the narratives we are likely to see is that,
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