While it has started pouring in many places, the adverse fallout from the delayed and disappointing rains could be much wider, deeper and longer. Inflation will be the biggest concern going forward. Interest rates too have bottomed out. We see a flat to cautious start and the usual dash of volatility for the day.
Meanwhile, the primary market seems to be gradually coming back to life after a protracted hiatus. It could have some impact on the secondary market, if there are too many issues. We are not talking about the IPOs only. There are other issues as well, like NCDs, GDRs, ADRs and QIPs. Liquidity could switch sides.
