
At this point of time, there is a cocktail of headwinds impacting equity markets everywhere, but especially so in India. We are currently at the fag end of a period where liquidity has traditionally been lower in the run-up to the financial year ending on March 31. This happens every year around this time. So, the real test for the Indian markets is coming up. How much of what has been happening in the market was because of the domestic liquidity issue and how much was – and is – about the US-Israel-Iran war raging in the Gulf region?