That creates a nice base for the economy to continue growing. That's why valuations for many companies are still justifiable. The amount of new paper that will come to the market this year will be huge - not just initial public offerings, but also rights issues. But the market can easily absorb all the new paper. The underlying liquidity is very strong.
Interest rates are low and still falling.
The consumer, automobile and petrochemical sectors will probably take a back seat, even though they are trading at very attractive multiples. In line with the global trend, media companies will come into focus because they have a huge content library which is very valuable. Going forward, there will be a lot of tie-ups between telecom companies, Internet service providers and content companies. Some of the companies aren't cheap. But a lot of shares have gone up on the back of very strong tie-ups.