Nine months ago, it was a cautious market reacting to a Sensex 14,000 on January 3, 2007. But despite the caution the market expressed then (experts said don’t expect it to rise more than 15 per cent during the year), the Sensex has already risen 30 per cent. The same experts are now touting the 20,000 mark as touchable. I believe they need to be more confident about their forecasts than flitting around with volatility. The market has been mercilessly optimistic, reflecting the underlying companies that are ruthlessly cheerful. Moving towards a climax that’s still many years ahead.
Opinion in The Indian Express, October 11, 2007
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