Why Markets Could Be Set For An Optimistic Start This Week
The stock markets are likely to react positively to the trade announcements but are unlikely to be exuberant over it given the continued uncertainty
On Episode 805 of The Core Report, financial journalist Govindraj Ethiraj talks to Garima Kapoor, Economist and Deputy Head of Research at Elara Securities as well as Rahul Jain, President & Head at Nuvama Wealth Management.
SHOW NOTES
(00:00) The Take
(07:05) Why markets could be set for an optimistic start this week.
(09:32) Brazil and India sign key mining deals but the former would like the latter to buy more chicken as well
(10:45) Understanding India’s competitive advantages with competing countries in light of the latest round of US tariffs
(16:23) Why self constraint is important for investors, large and small and how it can play out in the markets this year
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NOTE: This transcript contains the host's monologue and includes interview transcripts by a machine. Human eyes have gone through the script but there might still be errors in some of the text, so please refer to the audio in case you need to clarify any part. If you want to get in touch regarding any feedback, you can drop us a message on feedback@thecore.in.
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Good morning, it's Monday, the 23rd of February, and this is Govindraj Ethiraj broadcasting and streaming weekdays from a smogged out Mumbai, India's financial capital. The AQI here seems to be much higher than what it should be for this time of the year, or for that matter, any time of the year, and we don't seem to be doing enough about it.
The Take
The US Supreme Court's recent ruling striking down President Donald Trump's tariffs as illegal, rejecting the administration's expansive reading of the 1977 International Emergency Economic Powers Act, or IEEPA Act, has granted India an unexpected, all-by-temporary reprieve. Though Mr. Trump quickly bypassed the ruling by invoking Section 122 of the Trade Act 1974 to reinstate a 10% global tariff, which he then hiked to 15%, the playing field has still fundamentally shifted. Whether the US tariffs settled at 10% or 15%, India now finds itself on equal footing with the rest of the exporting world, and in many ways, the global trade environment has reverted to the status quo ante of early 2025.
What happens next is, as always, unclear and thus makes speculation about Mr. Trump's next move a futile exercise. But yet, this judicial intervention provides a crucial window of opportunity, Ajay Srivastava, founder of the Global Trade Research Initiative, told me over the weekend. According to him, India is under no obligation to honour the tentative framework of the previously negotiated and largely one-sided trade deal with the US.
Critically, nothing has been signed as yet, and tellingly, an Indian trade delegation bound for Washington to formalise an interim agreement seems to have literally turned back on its way to the airport on Sunday. According to Reuters, the decision to defer the visit was mutual thanks to that tariff uncertainty following Friday's Supreme Court judgement. Navigating this diplomatic and economic maze will require considerable tact.
India must avoid needlessly antagonising the US while seizing the chance to reset a deal that would have forced 0% import duties on American goods, a concession obviously fraught with severe political and economic domestic blowback down the line, as we've already seen. However, the spotlight on Washington's volatility obscures a more uncomfortable truth at home. India's own protectionist reflexes are the primary anchor that's weighing down India's export potential.
As Singapore-based economist Priyanka Kishore told me over the weekend and also highlighted in Nikkei Asia last week, India's historical tryst with free agreements or FTAs has been deeply troubled. By 2011, according to Kishore, New Delhi had inked 15 free trade agreements, predominantly within Asia, which deepened regional trade integration. However, these pacts also triggered a surge in imports and widened trade deficits, particularly with Southeast Asia.
The resulting public backlash saw the domestic appetite for trade liberalisation, and India then opted out of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, in 2018, and then abruptly abandoned the Regional Comprehensive Economic Partnership, RCEP, talks in 2019. So why did these early FTAs fail to lift exports commensurately with imports? Ms. Kishore argues that the agreements were inherently shallow, driven more by foreign policy optics than hard-nosed trade economics. They focused narrowly on goods and tariffs while excluding substantial portions of bilateral trade from elimination, often hiding behind long phase-out periods to shield sensitive domestic sectors.
Partner nations like Japan, South Korea, and ASEAN, the Association of Southeast Asian Nations bloc, capitalised on the access, but Indian exporters were largely left behind. Now, the deeper malaise is that India's share in global manufacturing exports has stubbornly stagnated at around 2%, while empirical research demonstrates that liberalising input trade generally boosts domestic production and export competitiveness. This did not happen or has not happened in India.
So the culprit? Well, one, punitive duties on intermediate imports from non-FTA partners and a fundamentally weak domestic manufacturing base. Despite commendable infrastructure upgrades over the past decade and the 2020 rollout of the production-linked incentive or PLI scheme, India's competitiveness gap with its Asian rivals is still glaring, according to Kishore. Consider the textile sector.
High operational expenses, including cost of electricity, land, and poor labour productivity erase the advantage of cheap labour. Coupled with elevated logistics costs, these inefficiencies have steadily eroded India's global export share, even though the country's annual wages are 74% lower than China's and 58% lower than Vietnam. So Kishore concludes that India's manufacturing push has been fragmented, lacking urgency, and overly protective of domestic firms from foreign competition.
Now, this defensive posture must change if India is to reap the benefits of its growing FTA portfolio, which include the impending free trade agreements with the European Union and the United Kingdom, which offer a lifeline to lower barriers and sharpen industrial competitiveness. Now, to return to the India-US deal, a blunt reality emerges. Regardless of the tariff rate India secures for its exports, it must drastically slash its own import duties across the board, whether asked or not asked.
Indian industry has long been shielded by an inverted tariff structure that actively harms its own producers. As columnist Swaminathan Ankhesaria Iyer noted in the Times of India on Sunday, cotton is no longer the undisputed king of textiles. Global industries in China, Vietnam, and Bangladesh have pivoted aggressively to man-made fibres like polyester and viscose, which now command nearly 70% of global fibre consumption.
But India remains structurally cotton-heavy because its tariff structure in inputs and outputs of textiles has long been inverted. Duties on polyester's raw materials like PTA and MEG have typically been much higher than on polyester itself, says Iyer. Consequently, Indian spinners and weavers face artificially inflated input costs compared to their global peers, and in an industry defined by razor-thin margins, a mere 3-5% cost disadvantage is fatal, he says.
Even if FTAs eliminate tariffs on finished Indian garments entering Western markets, exorbitant raw material costs will continue to render exporters uncompetitive. The arithmetic of this failure is stark. As both Kishore and Iyer point out somewhat separately, Indian garment exports have thus flat-lined, specifically around $16-18 billion over the years.
Over the same period, Bangladesh's exports have gone past $40 billion. Mr. Trump's tariff tantrums may be unreasonable, but they have inadvertently laid bare India's structural frailties. Fixing these self-inflicted wounds is not a matter of striking a better diplomatic bargain in Washington.
It requires India to roll up its sleeve, dismantle its protectionist tariff structures, and finally get down to the hard business of reform.
And that brings us to the top stories and themes of the day…
Why markets could be set for an optimistic start this week
Understanding India's competitive advantages with competing countries in light of the latest round of tariffs.
Brazil and India sign key mining deals, but the former would like the latter to buy more chicken.
And why self-constraint is important for investors, and how it could play out in the markets this year.
Markets
The stock markets are likely to react positively to the trade announcements but are unlikely to be exuberant over it given the continued uncertainty, though it's of a lesser magnitude than before. The US Supreme Court decision declaring Trump's tariffs illegal reflects the institutional strength in the United States and acting as a check, even if temporary. One way to see it is that the worst news is already out of the door and things have improved since February 9th when the joint announcement was made and quite likely will improve further, even if only marginally.
Despite the tensions in the Middle East, including the possibility of America attacking Iran in a limited strike any time, the markets in India recovered on Friday and for the week as a whole they were positive as traders took solace from earnings recovery. The Nifty 50 and BSE Sensex were up 0.4 and 0.2% for the last week. The Nifty IT Index, however, continues to be battered by AI fears and fell 2.1% which was its fifth consecutive week of losses and its longest losing streak in six months on AI disruption fears according to Reuters, which also pointed out separately that Brent crude futures are now edging closer to $72 a barrel.
As traders stayed concerned about US military action against Iran over the weekend, crude futures were specifically at $71.76 a barrel. In another sign or a fresh sign that foreign direct investors are reassessing or recalibrating their India presence, in this case pharmaceuticals, where we've seen other exits, Swiss drugmaker Novartis will sell its entire 70.6% in its listed Indian unit to a private equity-led consortium for about $159 million as part of a broader global restructuring according to Reuters. The exit comes two years after Novartis began a strategic review of Novartis India, including assessing its stake there.
In April 25, Novartis said it was going to spend $23 billion to build and expand in the US as it faced renewed threats of drug import duties on pharmaceuticals under the Trump administration. The Swiss company does not have a manufacturing presence in India according to Reuters, and Novartis India primarily sells well-known brands like pain reliever Voviran amongst other drugs used to fight cardiovascular, immunology, and oncology linked conditions. This finance segment is presented by India Finance and Innovation Forum 2026 being held from the 16th to the 18th of March at the World Trade Centre CAF parade in the city, and you can find the link to register in the show notes.
Brazil-India Trade Updates
Meanwhile, there are more bilateral trade agreements happening, including between the B and the I in the BRIC nations, with India and Brazil signing agreements to boost bilateral trade from $15 billion to $20 billion, including to expand cooperation in mining and minerals. Brazil is amongst the top producers in the world of iron ore and holds large reserves of minerals critical to steelmaking, Reuters said, adding that closer cooperation is expected to improve India's access to raw materials and technologies for long-term growth in the steel sector. A Brazilian trade delegation in India is seeking, meanwhile, opportunities to sell more Brazilian chicken in return for opening up its markets to some Indian fruit and nuts, according to a report from Reuters quoting Brazil's agriculture ministry.
Brazil is the world's largest exporter of chicken but sells almost nothing to India due to high import tariffs. In 2025, it exported only about 2.5 tonnes of chicken to India, while the United Arab Emirates, its top destination, purchased 479,900 tonnes, that's close to half a billion tonnes, according to trade data quoted by Reuters.
India-US Trade Post SCOTUS Tariff Reversal
So what does the latest set of developments from the United States and the new rate of duties mean for India as things stand as we try and compute forward impact, including from competing nations? I reached out to Garima Kapoor, chief economist at Elara Securities, and I began by asking her what had changed as duties could potentially drop, that's duties for Indian exports into the United States from 18% to 15%.
INTERVIEW TRANSCRIPT
Garima Kapoor: The 15% that the US administration is currently imposed under Section 122, it is also open to as many legal loopholes as the previous provision was, number one, because that can actually be implied only when there is any case of balance of payment related challenges for America. So we need to be really clear that the imposition justifies that, number one. Number two, they have a 150-day window, post which the US administration needs to go to the Congress for approval.
Given the backdrop of how this all has fanned out, very challenging that it could get extended. And number three, what this 15% uniform rate does is that earlier reciprocal rates were different for different countries. And hence, the deals that countries were signing with America were based on what reciprocal rate they started off with.
Let's say if I started off with 25, my negotiation would be to bring it down. But now what it doesn't, everybody is at 15. So anybody like in India, or for the most ASEAN countries, Japan, South Korea, all of us had negotiated deals probably or even signed deals at a higher rate, so that get registered to 15.
However, countries like UK, which are like the closest security and trading partner to US, had signed deals that were below 15% that also get probably upgraded to 15% from 10%. So this kind of brings it to uniformity at what is the reciprocal rate for everyone. So naturally, it would be in the interest of some partners like India to now renegotiate the deal and bring 18% down to 15% if it doesn't automatically apply.
And it would be in the interest of, let's say, other countries like UK would continue to negotiate to sustain and retain the 10% that was initially provisioned in the deal that they signed.
Govindraj Ethiraj: Okay, and what is the weighted average tariff rate looked like, particularly in comparison to other countries that we are typically competing with?
Garima Kapoor: Right, after this deal, after the uniform 15% under section 122. Remember, there are other sections also under which different countries are still tariffed. Look at section 232, you also have section 301 and the original tariffs which were applied to China under Trump's rule or the Presidency No.
1. Now, if I take all of that into account, including the exclusions that you have for generics, pharma, electronics, and for India's certain exclusions for auto parts, India's weighted average or the export weighted tariff now stands at 9.1%. Now, this 9.1% has fallen from a peak of 34%. Yet we are better at 9.1% than countries like probably Bangladesh, Vietnam, Indonesia, China, but we're a tad worse off than countries like probably Philippines, Malaysia, and Taiwan.
Govindraj Ethiraj: Right, and what are you looking out for next given the uncertainty around this whole thing? I mean, are you looking at, for example, on the import side, is there any concern about which way it could go? And if not imports, then what else could potentially materialise on the export side?
Garima Kapoor: Look, right now, what will happen is this. The countries, particularly US's response to countries like China, which is the largest trading partner for US, you will see a lot of bringing forward of certain imports. A similar pattern will play out, which played out same time last year before the rates got imposed on everyone in August.
So, you will see a typical rate pattern of bumping up of import orders. Certain businesses will probably take decisions in advance. Something similar like that could happen to India also, if at all you need something that is available at a cheaper rate than what it would have been even under the erstwhile negotiated trade deal.
So, that pattern will work out. Second, what we need to observe is what is the clarification that US administration is offering regards to two things. What is the rate at which the trade deals will now close?
Is it going to be 15%? Because 150-day window is a very uncertain window. You cannot negotiate trade deals back and forth depending on number of days.
And second is you would like more clarity on the refunds. Remember, IEAP has been struck down. That means the tariffs that were imposed under IEAP also have been struck down.
So, is the US administration ready for refund? Because what could happen is if US administration or let's say the government now goes to the Supreme Court and appeals against the decision, it might look good from the standpoint of administration. But with US midterm elections coming in, in November, it could be a too politically costly gamble to play because the importers would worry that you were anticipating a refund and it's not playing out.
So, a lot of uncertainty with regards to that. And hence, I think for India-US trade deal also, we might see a bit of a wait and watch period before it actually gets signed. Otherwise, it was supposed to get signed in early April.
And you had a delegation that was supposed to fly out of India today to US. So, I think we probably will be at least for a few weeks in a wait and watch approach till we get more clarity from US administration on how they want to approach this entire episode relating to tariffs.
Govindraj Ethiraj: Garima, thank you so much for joining me.
Garima Kapoor: Thank you, Govind.
Investor Self-Constraint
The markets are a little difficult to pin down now. What matters more at times like this, as veterans usually point out, is how calm you are rather than how volatile the markets are. Wealth creation will only come from self-constraint, Rahul Jain, head of wealth management firm Nuwama Wealth, tells me.
I spoke to him over the weekend to understand how investors large and small should be approaching the markets and their investments across asset classes in current market conditions.
INTERVIEW TRANSCRIPT
Rahul Jain: Let me tell you one thing, we used to think we are experts now, we are also asking people what to do. And everything, every day there's a new story coming in. When we are doing this podcast right now, Iran and US news is becoming the most hotter one, effectively.
I would say in the current times where at least 18 months back from COVID to I would say late 23, people have seen a great run-up on the equity side. Now in the last 12 months, they've seen an extremely great run-up on gold and silver, like silver what is done. Another thing which has come nowadays that volatility is becoming the norm now, at least from news point of view, every day.
Where we are answering to you, I think there is a lot of confusion, there is a lot of anxiousness from investor point of view. If you speak to any investor or client, he says that, will the market increase from here? And if someone wants to invest in gold, he asks, should we do it now?
So the times is extremely confusing, complex to understand and navigate. And for us, I would say since we are helping clients to invest and compound well, our thinking and our advice is that you can't time the market. You can't actually decipher so many things happening at the same point of time.
If you try deciphering too much, I think your peace of mind actually goes for a toss and you end up making the wrong decisions. So it's better to go with asset allocation, where you have a combination of equity and debt and some gold. Markets, I keep saying, it's kabhi khushi kabhi gham.
So I would say that in markets, you are never completely happy. And for getting the sentiment out of your mind, I think asset allocation also helps you in the best way. So kabhi khushi kabhi gham is emotional quotient also.
In that sense, it allows you that if market goes up, you have equity, which gives you growth. If market goes down, you have annuity, which is contributed by debt. And if nothing goes well in the world, gold will surely do well.
I think that's the hedge in the portfolio. So using this whole asset allocation as a philosophy, as a practise, allows you to navigate through your emotional quotient. And I think in these times, I think that is very essential and important.
So someone who's able to control his emotional quotients, not think too much, and follow the basics, I think you'll have a peaceful mind.
Govindraj Ethiraj: Okay. So you've called that self-constraint, I think, and that's useful. So essentially, what you're saying is that there is a lot of events happening in the world right now.
So the most important thing is to not pay attention. Okay. The second thing is to say that, okay, stick to what you started out with, which in your case, you're saying is equity plus debt or annuity plus gold.
Now, my question there is, I've been talking to fund managers for years, gold never was mentioned upfront, maybe it was there somewhere, it was never mentioned upfront. So to that extent, has the fundamental strategy or portfolio also changed even if slightly in the recent past because of what's happened in the metal space?
Rahul Jain: I would say that yes, if you speak to a lot of fund managers, at least three, four years back, gold was not a predominant part of portfolio. I would say, again, what is happening in the markets in the last two years, where there is a lot of conversion and de-toleration, central banks are buying gold. If you look at asset allocation as a model, gold always used to find a space 5% to 10%, whether you speak about it a lot or not, or you put emphasis on that as a separate column, it was there.
What has happened in the last 24 months is that since it has performed, it has always used to be there like a side hero in the small box, it is emerging out to be an important one. And now everyone is coming out in the conversations in more, I would say, more effective way, and it is now becoming a consistent part of conversation. Since there has been a great run up also, it becomes very obvious for portfolio managers to start talking about consistently on the same.
So that is how I would put it.
Govindraj Ethiraj: And as you look at equity and annuities stroke debt, how are you dividing it? And how are you placing the relative emphasis you are on each of those categories looking ahead?
Rahul Jain: Coming back to my old model of asset allocation, which I was earlier speaking about, it is a very simple model where you say 100 minus your age becomes an equity portfolio. It is a good thumb rule to use. So if I am 40 year old, 100 minus 40, 60 can be my equity portfolio, 35 can be my debt, and 5 or 10 can be my gold, and you can adjust accordingly.
The best part of asset allocation model is that with the great markets, it should adjust automatically. Because if the market run up by 20%, in this 100 of total portfolio, this effectively will become 70. And then at some point when you evaluate a portfolio, the read adjustment will come into play automatically.
So at any point of time, the thumb rule of asset allocation becomes a core. Then you can take, I would say, opportunistic calls where if you feel as an investor or as a wealth manager, I feel that now equity at this point of time looks better, effectively. Then I can do some incremental opportunistic allocation more to equity.
Or if I feel no, there has been a lot of volatility in next 12 months, I might put some extra debt allocation. And whenever you find a good dip in the markets in next 12 months, you can use the SIP format where you can just reallocate a debt to equity easily. So I think it depends then what you want to do and can be more customised.
But large formula, a large rule remains 100 minus age, it's a good way to start. And there is no complexity in that sense.
Govindraj Ethiraj: And if you were to now look at equities, what's your horizon? I mean, we are in a sense in new territory now, in terms of where we could go. I mean, I think earnings have been better than expected or slightly better than expected.
The projections seem to be somewhat positive, but there are still some uncertainties on the horizon. So that's the specific part. But if you were to now look more specifically at either sectors or themes, how are you building that out?
Rahul Jain: From equities standpoint of view, I would say that still, there can be little valuations which are on the upper side. After this, I would say last 12-18 months, or whatever time correction or whatever you say, there's been a decent correction in mid cap, small cap for sure. And also, I would say since earlier, what India used to get command a higher P price to earning, but that was also backed by a good growth, effectively.
Now growth is also tapered a bit. So there might be some derating on the P happening, effectively. So from equity standpoint of view, yes, from midterm, long term at the current level starts looking good, but not as the immediate point of view right now.
I would say you will find a lot of volatility coming in next 12 months, at least till the midterm of US elections, might find a lot of volatility coming in. You will have a lot of news flow coming in. Chances are market will react negatively, you will find opportunities.
So next 12 months, with a staggered part of investment, seems to be an interesting play out of it. That is one. So be patient.
According to me personally, market is not running off or not running away. So there is no need to be impatient with the markets. You can have a good sleep, good decent time and take your own call.
It's a buyers market right now. So you can be fairly patient. And I would say you'll get your prices if you're very punctual about or particular about your prices as well.
That is from equity standpoint of view. From sectors point of view, I would say wherever there are government spendings from the budget point of view, which has gone up, like defence, their spending, which has gone up, I think on the infrastructure side also things have been good only. So these two sectors look good.
This whole AI trade, which powers the AI looks good from equity standpoint of view, whether it is power companies, whether it is data centres. So all these companies will do well. I personally feel that private banking looks decent now, because the balance sheet cleanup and all have happened effectively.
And we are seeing some green shoots of growth coming in from credit point of view. So this sectors look good. And fourth is I think there's an evergreen sector of consumption of pharma and FMCG.
In these type of defensive market scenarios, I think these sectors might also do well. So I would put where something which is pertaining to budgets, which has got impetus there, then the AI thing, because there is significant amount of investment which are happening in AI for sure. Whether it's good, ugly, bad will come out later.
But at least the ancillaries will work well, for sure. And this private banks looks decent. And then consumption is an evergreen one for India.
Govindraj Ethiraj: Right. And if I were to flip it and ask you what your clients are saying and what they are wanting to do, and I'm sure their asset distribution or allocation is not just WinIndia, but global, which I'm sure you have to help with. So how are you seeing it on the other side, the demand side?
Rahul Jain: From demand side and client allocation, what we have seen is that in last five, six years, there has been a significant amount of equity allocation, which has got increased in every client portfolio. And that has been a consistent norm across. I would say that like everyone keeps saying small cap, mid cap, yes, that allocation has gone up for clients versus a large cap, if I put it in simpler words.
So client now are becoming little anxious on the equity allocations. They are not so optimistic or bullish on getting new allocations there on the equity side. There is a lot of keenness on fixed income, there is a lot of keenness on gold and silver, and a lot of interest is emerging out also on the global equities part.
And global equities or global investing has been not a very significant portion of clients portfolio, you will find very limited number of clients who have done some allocation out there. Because there's been regulatory complications, understanding of taxation, etc. is also little challenging, bit challenging.
So people generally tend to avoid. And till now, if you see Indian equities and returns are also doing pretty well. So when your main area of interest is doing pretty well, then why to go after different allocation, that's always a core part of the understanding.
Now they have started asking questions where they want to know more about global allocations, whether they want to invest in US tech, AI, I would say emerging markets, Korean markets are by now 100 plus percent for the last 12 months and more. Two or three stocks. Two or three stocks, correct.
Samsung is a big contributor there. So these are the conversations which are coming into investment discussion portfolio reviews. But it's still, I would say it is not that sizable that it is becoming a very important part of their portfolios.
The conversation happening and we also think is 5-10% of allocation can be there as well.
Govindraj Ethiraj: Right. Last question. So as you look at the year ahead, and in terms of lessons learned from the year past, what would you say is the one single thing that's sort of changed your mind on investing, if so, or caused you to relook at, let's say, what you've learned, whether it's the Warren Buffett style of investing or some other trader's style of investing, but what's the one thing that you feel could have has changed or impacted or influenced you? And I don't mean last year, specifically last year, but it could be a little.
Rahul Jain: If you take last two, three years, one of the things which comes out very clearly, and I would say, at least for people, and what happens is, as an investor, you also get sweat when everyone speaks so optimistic about things, correct. So one thing is very common. And one thing I would say the learning has become just re-emphasised, reiterated, that all asset classes don't work same point of time.
And your past returns cannot be extrapolated for future for sure. That is one of the very important learnings which are there for at least for us. And also, I would say that when you think of long term investments, correct, like equity has been set as a long term investments as a core part of conversation, every thinking or every investment, what do you think is saying, I will do it for five years, 10 years, keeping us in horizon.
While you're thinking is very long term, your approach to review has to be fairly short term, where you have to do every quarter review on your stock portfolio. Because if you see that if you're holding suppose an IT stock right now, and there is a complete derating is happening is of AI, whether it's perception or your portfolio will take a significant amount of meaning. So your understanding your wealth management understanding, having a view for next quarter, and then looking at a portfolio and taking calls is also essential.
While most of the portfolio calls get reiterated, but certain calls have to be taken where the exits also have to happen. Because if you don't do those exits, effectively, and you start creating that non performing tail with you, the chances of your portfolio will never perform or will be always end up performing the benchmarks or I would say, underperforming the absolute returns as well. So that's a very important part of learning where asset allocation is getting reiterated because no asset classes operate work every year.
And continuous portfolio review is very, very essential. I think it's becoming more and more essential in these volatile times. Like silver went to 120 then came back to 75 in 15 days.
If you had a good allocation of silver, everyone then started seeing now silver become 200. That was a common say. But gradual exit out of it, it is a little bit would have give you better return whatever we need right now.
Portfolio reviews are becoming more and more important because the market is becoming so dynamic that your stock returns changes overnight.
Govindraj Ethiraj: Right. Rahul, thank you so much for joining me. Thank you, Govind.
Rahul Jain: Thanks for inviting me for your podcast.
