Shankar Sharma's Unfiltered Analysis Of The Stock Market, FIIs, The SIP Debate & More

[00:00:00] Speaker 1: Hello and welcome to the Moorad trading session coverage live on NDTV Profit from me, Neerat Shah and my colleagues Alex, Matthew, Hiral Darya and the virtual Tamanna Inamdar will be all here. Can anyone find her? Okay, if anyone can find her but no, she must be out there celebrating but firstly from all of us out here at the NDTV Profit family and the NDTV Network family, Ashubh Dipavili, may the Diwali celebrations be fabulous as they have been for us out here at NDTV and Hiral and Alex you have to admit that if there were any doubts about how the Samoth gone by, it's still technically you can call it gone by, if the Samoth gone by was not turning out to be that great, the last five days have ensured they have been entering the Diwali season all guns blazing. It's been a party for the last five [00:01:18] Speaker 2: days. It's been a party. And what a way to end the Samoth right? If you have to end something, [00:01:23] Speaker 3: you end it on a high. Yeah. You're ending on a high and you're starting on a high, right? So let's [00:01:28] Speaker 2: talk about the start now. Let's talk about the start. We should actually contextualize it because I think global markets and ultimately that's exactly what we're doing. Before we get to numbers, sorry, [00:01:37] Speaker 1: before we get to numbers. I just want to do this, right? The last 12 months of the Samoth gone by have been special in so many ways, right? Yeah. And I want to just talk about what stood out for all of us. The one thing from a market's perspective that would have stood out for all of us in the last 12 months gone by. I haven't come prepared for this out of the blue, right? So I'm as unprepared about this as you guys might be. And therefore what comes out as a flash should come out, right? Heera, let's start with you. Resilience. Of the Indian markets. Resilience of the Indian markets [00:02:09] Speaker 3: to an extent that you had that support coming in from your domestic investors. You had the support coming in from your retail investors. Think about it. If they were missing, where would we have been? Because your FIs have not been there. So I think resilience is what I would say. I think that's a good thought. [00:02:25] Speaker 2: I would like to take a different tack somewhat, but that resilience is visible in the numbers that have been posted. At a challenging time when crude oil prices have been where they have been, supply dislocations have taken place. Corporate India has really tightened the belt in Q1 and now we're seeing increasingly in Q2. Neeraj, you just take a look. And Hira, we were talking about this just before the show. Take a look at the numbers that were posted even on Friday evening. Post-market hours. Eight out of ten companies have knocked it out of the park, right? If you talk about a Tata Steel, you talk about DCM Shriram, you talk about a Sigma Advance, you talk about Banco products. So irrespective of which segment it is in, they've knocked it out of the park. [00:03:12] Speaker 1: Yeah, and arguably. And which is why? I mean, I think the mood would have been great even otherwise. But the fact that the mood is so good because we've had a splendid run in the last five sessions and that just adds to the fanfare. So what stood out for me, guys, has frankly been the never-say-die spirit of the Indian investor, right? And yes, the SIP investors have been at it and going through. But even the institutional investors, mutual funds, PMSs, we've had a chance to sit on cash. Haven't quite done that. They've believed in the Indian markets. And I think it's paid rich dividends. So I think that stood out for me. That stood out for me. [00:03:55] Speaker 2: Yeah, you know, you were talking about Tamanna and… Virtual Tamanna? She's right here. [00:04:00] Speaker 1: Oh, you're here! [00:04:02] Speaker 2: Happy Diwali! [00:04:03] Speaker 3: Happy Diwali Tamanna! She's got the party on the table right now. [00:04:07] Speaker 4: You think I would miss, you know, people who are watching all of us, First of all, Happy Diwali to all viewers of NDTV Prophet, would be thinking, "What do you do?" Because we've had a cooking competition. We've had a chaat party. We've had a luncheon here in the studio. We've had a really good singing session at NDTV Prophet Ignite. So we believe in having fun. And of course, we have Parag Thakkar here with us joining the fun as well. The chaat party, which we did with Sharad, was so much fun. We decided to call the chaatwala back. Namaste sir, Happy Diwali. Okay, what will you do for us? Parag Thakkar, what will you be having? Is this a display or is there a chaat for us? Is it right? Yes, ma'am. Okay, okay. So we're going to get some chaat in a bit. But I thought it's a good idea to have some fun in the studio while we're at it. So you tell us what chaat you want us to see throughout. But Parag Thakkar, Happy Diwali. Happy Diwali. Welcome, great to have you here. [00:05:05] Speaker 3: Wish you the same, Parag Thakkar. Have a great year. [00:05:08] Speaker 4: Prosperous, healthy. Yeah. So, you know, the awesome thing is that through this Diwali week, the mood in which we started and the mood in which we are right now seems to have completely changed. Over the weekend and I was speaking to several people and this is one question on everyone's lips that is this turnaround in the Indian market sentiment here to stay or is it just a short cap? We'll wait and see what happens. [00:05:36] Speaker ?: What? [00:05:37] Speaker 4: I'm sure you're being asked the same question. [00:05:39] Speaker 5: What are you telling people? So basically, as I always say, right, good prices never come with, you know, so there's always a bad news and a great price which you can buy the stock. And that was all this last five, six months we have been buying, you know, we have been discussing on the show so many times the leading banks and all that. And now that FIA panic buying has come, I would say it is a panic buying by FIA or short covering, which has caused this fantastic rally. See, India was doing very well, it is shown in numbers, it is shown in results, in spite of oil at around $98 and it went up to $210 also. We were resilient in spite of all input cost pressures, we held on, all the corporates are declaring decent numbers. So I would say that India was resilient, the only missing link was, you know, attention was not there, the global attention was not there. And with this midterm election, that attention has come to us. [00:06:31] Speaker 4: No, so I have one question for you, so far, and this was a huge narrative in the Indian markets, that Indians are selling and FIAs are dumping. You know, you are giving an outlet to foreign investors. In fact, the gentleman who said it and became very viral is going to be on the show in a few minutes from now. If you can guess who it is, that means you are a pakka NDTV profit viewer. But my question to you, should we now do the reverse? While FIAs are in this panic buying spree, as you talked about it, should people who have made profits take the opportunity to sit on some cash or take some of those profits? [00:07:08] Speaker 5: Yeah, so that is what domestic investors have started doing, domestic institutional investors in the last three days, right? They have been raising a little bit of cash in their portfolios. And so as I am also doing the same thing. Because, you know, you have to take advantage of the euphoria, and you have to be ready for another, you know, bad times. So that is what investing is all about, right? That you buy during bad times, good companies during bad times, and then little bit raise your dry powder when the markets are so euphoric. [00:07:37] Speaker 1: I have a question for Parath Bhai, by the way. Parath Bhai, what Tamana was asking, that DIIs, and what you said, DIIs have been selling. There is a lot of report of DIIs who had bought an HDFC bank, for example, 80 or 100 points lower, have gone out and given that supply to FIs as they are buying banks. Is that a good move, or do you reckon that, because there is also these murmurs of the geopolitical conflict arising again, right? And therefore, maybe some uptake in crude, etc. Do you believe taking some money off the table because of this very swift rally is a good idea? Or do you believe that we are still not overvalued? [00:08:12] Speaker 5: I am saying that we are still not overvalued. First of all, structurally, I am extremely positive. But it is not a bad idea to book some profits when there is a panic buying going on. As you rightly said, that times can change quickly again. And if they turn negative, you have to have some dry powder to buy it again at a lower price. That is the only thing. It is just technical. I am structurally extremely bullish on India in the Indian large top five, six banks and various other sectors. Right? So many, for example, you saw Divi's numbers, right? 76% growth in EBITDA. You saw LD equipment, which we keep discussing, that saw 32% EBITDA growth in spite of such increase in commodity prices. So I am saying, as Alex was pointing out, I was just seeing that corporate results have been very, very resilient in spite of whatever is happening. Okay. [00:09:00] Speaker 4: So we promised you a take from the person who said it first on NDTV Profit, that this constant selling of FIIs is being helped by all of the DIs and domestic investors and the SIP investors and the retail investors who are coming in. Have the table turned. Turned. A very happy Diwali. Shankar Sharma, ace investor and founder G-Quant Fin X-Ray with us on our Mohrat Trading Special. I hope you're having a great festive season. I think you may have heard the initial part of our conversation, but I'll repeat it for you. Do you think that there is panic buying happening by FIIs right now? How do you look at the turnaround and sentiment in the last few days? [00:09:42] Speaker 6: So I don't know what sentiment turnaround you're talking about. I have been bullish on small caps. [00:09:48] Speaker 4: People have rediscovered the Nifty also, Shankar. I mean, yeah. [00:09:52] Speaker 6: So I'm coming to the Nifty, which is the boring part of India. I mean, it's a real waste of time to look at Nifty and Sensex. But I will talk about that. But for me, India, I mean, I've been very bullish on a part of the market and that part of the market has done fabulously. Unfortunately, that is exactly the part of the market that has not done well in this last five, seven days of the up move in the large caps. Because what has done well is the narrow part, I mean, at least in terms of the number of stocks, you know, just the Sensex heavy, you know, heavy weights, which have been lagging for, you know, two and a half, three years. They have run up massively. But the broad market, which is really where my portfolio lies, and I think portfolio of most investors lie. And if you look at most of the inflows that went into small caps, I think they are not feeling the same as what the index of the Nifty and the Sensex are telling us. So, broad market has been hurting. The narrower part, which was a lagging market, has done fabulously well lately. Now, the question is, will that continue? The point is this. I said this on your show, and I'm going to repeat that. Our SIPs and the mutual funds gave very, very easy exits at continuous prices to foreigners. Now, when they come back, who are the suppliers? The same guys who have been buying expensive for the last two and a half years. And now, if the market is cheap today, why are they selling cheap? Explain this to me. Because for the FIS to have bought whatever they have bought, 15, 20,000 crores in the last four or five days, the supply has come largely from the DIIs. So, the FIS kept selling through the whole painful two and a half year journey when we lagged global markets, when we lagged the dollar, we were down 25%. So, who's the smarter guy out of these two sets, right? DIIs or FIIs? If they have bought the dollar for the last two years, when they start to buy, you say, let's buy it. Let us sell it out. Which of these two categories seems smarter? Somehow, I have a feeling that if people are thinking that DIIs are doing the right thing, I don't think that is the right thing. FIIs may well be doing the right thing because I think on your show, I mentioned that the only thing that will change in India for FIS to come back, that we are not going to uncover AI companies. It's not going to happen. Forget about it, okay? What will change is, if you go back to my interview with you, I said that India's rate in the index, whatever it is, 7-8%, most FIIs, if you look at consensus, are underweight by 30%, okay? Now, it is a large market, $4 trillion market cap market. How long can FIS remain so massively under the index weight? That at some point, we try to get normalized by even one or 2% point, maybe to parity. And at that point, you will see FIS come back. AI is only a symptom. The real thing is, funds have been underweight. They have been proven right. AI trade has unwound a bit globally. I mean, the US or Taiwan and South Korea. Yeah. Basically, three markets have these trades. That has given the FIS kind of the push, okay, now let us at least go to neutral weight to India. Yeah. That is, it's a tactical thing. It's not as if suddenly, India has discovered the Holy Grail to the next 10 years of continuous profit growth. The companies are still the same, especially the ones that have gone up right now. Nothing has changed in HDFC Bank. Nothing has changed in Reliant. Sure. It's the same companies. One week back, they were unloved. Today, they are being loved. It is a tactical move. Let's not start getting romantic about it. No, no, no. Nobody. The romantic part still remains the smaller companies, which are genuinely innovative, genuinely doing good work, and they're exporting. That's where I will still play. [00:13:46] Speaker 2: Yeah, absolutely. And those companies that you're referring to are all reporting profit growth of above 20%, 30% plus, right? I can't complain. My cup runneth over on their numbers. I'm very happy. I'm glad to hear that. And a large cohort of investors in the mutual fund space actually have benefited just as you have. Because the data shows that most people do gravitate towards the small cap end of the market in the active funds that they invest in. Exactly. So, yes, to a certain extent, the point that you're making on the large caps is absolutely right. But a lot of people have benefited from the up move. The counter question that I have for you, though, Shankar, is that those people that have continued in SIP over the last two and a half years have averaged at multiple levels on the downside as well. And so they've benefited significantly from that cost averaging when the market as a whole has gone back up. And they're not necessarily targeting a 20 plus percent compounded growth over the course of the next five to seven years. They're looking at 12%. So why not do that? [00:14:51] Speaker 6: I'm not saying you should not do SIP. All I'm saying is that the way it has been marketed that you make 12% is not the right thing. I think you do not always and necessarily out of your desire make 12%. There are vast periods of time in which you make zero, you make negative. And by the way, we are still negative two and a half years. Even if you did an SIP starting two and a half years back, you're still minus. Even if you started an SIP starting in 2020, you're barely reaching that 12%. So I'm saying, look, if you have staying power, equities are for you. For most investors, it is not meant for them. It is meant for relatively more affluent investors who have the staying power. I have made all my money through equities. Who am I to say equities are not good? But I know how much volatility I have endured. The way it has been marketed is that it is like an FD, fixed deposit on steroids. That is where I have a basic fundamental problem in the whole construct and marketing. Okay. [00:15:50] Speaker 1: Shankar, firstly, off the bat, happy Diwali and wishing you a great Samwat. The question is... Happy Diwali to you, Neeraj. [00:15:56] Speaker 6: And by the way, I will reply to your beautiful message of last night. It's just that I have 6,000 messages, but I have flagged it, by the way, after having read it as marked as unread. So just to let you know, I will reply adequately to keep up with the kind of quality of message that I received from you. Thank you very much. Thank you, Shankar. [00:16:15] Speaker 1: It just stems from the quality of the colleagues that I have in the studio and the quality of the guests that we get on Profit as well. You included, right? Sure. And my question, Shankar, to you is this. You said it very rightly that there has been, in some sense, endurance over the last two, two and a half years, right? What... Do you reckon the next 12 months will be different? Not just for the small caps, but presumably for the large caps if the FIs were to come back. Are the next 12 months going to be different than the previous two years? [00:16:42] Speaker 6: They might be different. No. So absolutely, they could be different in markets. Everything can change. And I've just written an article which will be carried in Financial Express that a week can be a long time in markets as we have just seen. The point being this, that I do believe that the rally in the large caps is not about that the funds that are running money were severely overweight large caps. Almost all of them had to move with where the money was taking them, which is to small caps. Markets have this tendency to catch you when you are at your weakest or weakest part of your portfolio, which means the under-owned parts, the unloved parts will do suddenly much, much better. I'm 100% sure that when the data comes out, you will see practically every fund, every mutual fund lagged the last one week. I'm 100% sure unless you are only a nifty tracker. If you have a diversified basket or mid-small and, you know, flexi cap and all that, you are definitely lagging this market because the broad market hasn't done well. A narrow bunch of stocks have done well. Those are very painful periods. Investors who are investing only nifty will feel better today, but they have felt terrible in the last two and a half years. Investors doing small cap will feel terrible last one week, but they have felt fantastically last two and a half years. That is the order of the business. My view is barring this move and it might continue for a while. No, no, no, no, no, no reason to doubt that because the AI trade is looking still quite weak and, you know, money will rotate out. Markets are rotational. We know all that. My view is still the long term money in India will be made in smaller companies. These can be termed technical moves. These can be tech move and these happen all the time. Why are we surprised at it? Go back to the worst bear market that we have seen. I have ever seen. 2008. Go back and see how many times the Sensex and the nifty had five, 10% moves in one week. Like I think at least six times in that whole year, the markets rallied sharply and we kept believing this is the end of it. I'm not saying we go back down 20% from here, but I don't think this move should be viewed as that suddenly HDFC Bank has become a fantastic bank. I still believe small caps, mid caps still represent a fantastic opportunity. And the interesting thing is, thanks to AI, thanks to technology, thanks to the belt tightening, a lot of these companies are innovating out of their skin. I meet so many of them and I come away enthused. So, I would say disregard this move, still focus on that part of the market which has lagged in the last one week. [00:19:23] Speaker 3: So, Shankar, happy Diwali, this is Hiral on this side. The question then is, you spoke about rotation, you spoke about focusing on something which has lagged in the last one week. Now, the question is, if that rotation is happening, to some extent it is happening from the broader markets to the large caps right now, mainly from a valuation perspective. Let's forget about the entire Nifty 50 cohort. Let's talk from an overall large cap perspective. Do you think there are a lot of sectors and stocks where you should start focusing on the large caps versus the broader markets, mainly because they've run up already? [00:19:59] Speaker 6: You know, let's be clear. In cricket, the third class captains do one thing, that when a batsman plays a shot and he miscues the ball over cover, okay? But there was no fielder there, okay? And there is nobody to take the catch because the fielder was scattered. Next ball, he moves the fielder there. Thinking that the batsman is a total idiot and he will play the exact same shot, irrespective of where the bowler is bowling. And the same catch will go and there is a fielder there to take that catch. Don't start behaving like that idiot captain. It is that behavior that will lead to the doom of investors. We love that Shankar. Maybe you just need to stay and keep your fielder where they were. Instead of chasing every ball, you go there. This is the exact behavior I am cautioning against. Just because HGSE bankers say, let's have some maturity to this game. Stay put if you think numbers are good for the smaller side of the market, which I believe they are. They might have lagged one week. Forget about it. This is part of the market. There will be times that, and by the way, you don't have to buy everything that goes up. The biggest challenge I have faced in my life is, "Jobhi chal raha, merai pas kuyo nahi hai?" "Aisa nahi hota hai." [00:21:37] Speaker 4: Shankar, tell a few weeks ago, yeh tha ki, "Jobhi chal raha hai, merai desh mei nahi hai." So at least that has changed, right? [00:21:44] Speaker 6: I don't agree. I don't agree, Tamina. By the way, you're looking very pretty. [00:21:49] Speaker 4: Thank you so much, Shankar. [00:21:50] Speaker 6: You're looking very pretty. You're looking amazing as well. Thank you very much, and happy Diwali, and of course to all your colleagues also. So India mein jo thee wo chal rahe thee, there were enough AI ancillaries, if I can use that term. The industrial tech part. What's to say that Jeev or Nova or TD Power, I'm not taking names because I own them or something, don't get into that. And there are at least 20, 30 companies or more which have done fabulously well on the back of a global technology space, AI one defense aerospace. So it's not that we were missing out a set or sitting out the tech rally worldwide. It was smaller in terms of size, but there were enough pockets. HDFC Bank is not going to become a technology play. It's done well. So it's okay. Don't, like I said, the catch has been dropped there because there was no fielder. Now, don't put a fielder there now. Keep your fielder where they were. [00:22:45] Speaker 4: Thank you, Shankar. Manish Dangi, by the way, has joined us as well. We'll get him up on the window and join in our little Diwali, you know, spicy discussion we're having right now. My question to you, Shankar, is do we still need to pine for that LTCG cut as much as we were? Because till last week, and I know this is social media, this is silly, this is trends. But till last week, it seemed all of our problems would be solved if this LTCG, you know, tax would have been rationalized. This week, not so much. Do we need, do you have a view on LTCG? And Manish, I want to welcome you to the show. Manish Dangi is there as well. [00:23:20] Speaker 6: I have a very clear view on LTCG. I was one of the biggest proponents of, I mean, opponents of the LTCG move back in 2018 itself when it was imposed. Continue to be so. However, however, it's not that FIIs were not coming to India because there was an LTCG tax getting imposed on whatever money they might have made. They were not coming to India because India did not have the trades that were relevant to the world. If India, for example, had a bunch of brilliant AI companies and was going up 50%, you think people would not have walked in to buy India and say, "Chalo, yaar, 50% meinse, 12, 14% deejengahe tax, 45%, 45%, 45%, 44% banta hai hai." So, the LTCG is a pimple. It is not the tumor. The tumor was lack of companies which were supplying the alpha to the world in the last three, four years, which is basically tech and AI on a larger basis. Now, that trade has unwound a bit. We'll see how far it goes. People are saying, "Okay, let's go back to the comfort of the dal chawal companies," which is the HDFC banks and reliance industry, which are dull, boring companies. But sometimes dull, boring is also good. We can't be eating out all the time. It is that LTCG getting removed must be done. I'm 100% certain about that. But FIS deserting India had nothing to do or very little to do with LTCG being there. By the way, they have been investing in the past also. Even after 2018, we've had positive years, even with LTCG being in place. So, we are just trying to correlate the uncorrelatable. It's a problem, but not the main reason why FIS were not in India. I just wanted to put that out there. [00:25:01] Speaker 1: Fair call. Okay. Manish, thank you so much for joining in. And to you and everybody at home, a very happy Diwali as well. And Shankar is making this point that, and a lot of others have made that argument, that LTCG should be removed. The counter-argument to that, Manish, and great to have a dead guy out here, right? I mean, an all-out investor, but looking at debt so closely, that the dead guys argue that equity taxation, domestic, is in US 12.5%. And debt is so much higher. Why reduce equity so much? So, are you so strongly believing in reduction or removal of LTCG for equities, or do you believe that is not a necessary condition for getting in flows back, as one of the conditions for getting the flows back? [00:25:46] Speaker 7: So, there are two parts to it, Niraj. Anyway, first of all, happy Diwali to you, to all the people in the studio, and a passionate investor that we have on the screen, Shankar. [00:25:57] Speaker 1: Let's get Shankar on the screen, guys. [00:25:59] Speaker 7: Happy Diwali, Manish. Hi. Listen, you know, I kind of, okay, let me approach this through the lens of, you know, if we have a choice, you know, for the, as far as the India macro is concerned, really don't have a choice not to cut LTCG for FIIs. You know, we are in a setup there, we require about 80-85 billion dollars run rate of current account deficit is there. So, we need that kind of cash flow from the rest of the world. FDI, net FDI is zero. If FIIs actually do not bring in money, in fact, they take it out. General ECB flows have been sort of dismal. So, sort of, how do you get, India has become big enough that these number of two, two and a half percent current account deficit is very, very large that the global savings cannot fund, especially in the context of what this AI trade is and that the real rates are going up. So, relative to any time in the past, anything small that you could do as a country to actually attract some cash flow from the rest of the world, you really don't have a choice only. So, which is why my point is that, you know, I don't think it's as if, you know, you're going to give lollipop to investors. I agree with Shankar, it's sort of just a pimple. I don't think this would result in major flows. It's just that counterfactuals could be worse and, therefore, for FIIs actually will end up cutting. India has become a little bit of like a typical EM playbook where you have to literally bend over backward to attract capital. Because, you know, we also run current account deficit as sort of many emerging markets actually don't do. So, that's one part of the equation. For the locals, it'll be very stupid to cut LTCG. You know, we have huge amount of capital coming in equities more than ever. This has led to misallocation of capital, of course. In some sense, I think one would argue if you do second order that this actually created a DOP crisis for India. So, I don't think, you know, it is wise to actually cut LTCG or sort of give any soaps for the local investors. There's absolutely… [00:28:13] Speaker 2: So, why don't we get Shankar to respond to that? [00:28:16] Speaker 6: No, I love exactly what he's saying because this is exactly what I've said for the longest time. We've created a whole crisis out of… for no good reason by incentivizing equity investors into equity markets. Look at domestic ones. And as a capital account… as a current account deficit and actually even a capital account doesn't look good. We need dollars. We don't need rupees. We have enough rupees, boss. We are overflowing with rupees in the capital markets. As you can see, 30,000 crores and IPO boom. We actually need to have a differential pricing taxation for foreigners and for Indian, however unfair it might seem, so that capital comes in from foreigners, but not the same rate that comes in from the domestic. And in fact, in my view, I've said it in a recent conference, we should actually lower taxation on fixed income rather than lower taxation on equity investments for domestic investors. I'm absolutely off that camp because it has led… it's like a capital being channeled deliberately through taxation into the riskiest part of the market, which is equity markets. And I do not think for a developing country, equities on a large basis deserve to be incentivized so much. I am firmly of that view that it should belong to a relatively more affluent class for the junta and the masses. Still, still, fixed income should have precedence over equity investments. Talked about gold. [00:29:40] Speaker 2: But on that note, thanks so much, Shankar, as always, for taking the time. Lovely listening to you and wish you all the best in the news somewhat. Thank you. [00:29:48] Speaker 6: Thank you very much, everybody at NDTV. Thank you very much, Manish. Happy Diwali. Our pleasure. [00:29:53] Speaker 2: Manish, a quick question to you before we head into the break, right? We spoke about what you need to do to have foreign flows come through. And ultimately, it's going to be a factor of earnings, right? And we've seen Q2 earnings in a lot of situations, companies posting better than expected numbers, but it's all relative. So, therefore, when you look into the rest of the financial year, do you see a compelling enough argument to say, okay, this outperformance relative to expectations is likely to continue? [00:30:28] Speaker 7: No, if you're actually talking of relative to the rest of the world, everywhere in the world, actually, the earnings are surprising. And it's sort of surprising in India for last two quarters. For most parts of the world, which has been attracting capital, it's been surprising for, you know, good 12 quarters, right? Sustained outperformance relative to the endless expectation in US, which is mother of all market, but also most of Asia. So, to the extent our sort of relative surprise to the rest of the world is not high. Of course, relative surprise to what we had made in, of course, has been there for the last two quarters. So, is that a sufficient condition for us to attract capital from outside world? The answer is no. We necessarily have become sort of a playbook of a, as people want, like everyone in India actually is almost praying and actually forcing their view onto this idea that, you know, AI is a bubble and it's going to go bust. And so, that kind of has become a CP, a condition precedent for us to be able to attract money from the rest of the world. So, local money anyways, a lot of money is coming in. I think this whole idea of actually let's reallocate capital towards equity is null and void in India because, as such, you know, India is most overweight on stocks it has ever been, as far as household balance sheets are concerned. It's for the rest of the world, the FIs, you know, they are actually relocating a little bit to India is because this is a little bit of a hedge to the underlying big tech trend that, you know, we have in the world. So, would this last, you know, I have my suspicion and we can discuss about it later, but my sense is that, you know, until this AI bust news is in, you know, India gets capital. Once it sort of revives, the boom revives, you know, I think we stop getting money, even though we cut LTCG. At least LTCG at margin actually improves the outcome, but it's kind of much, much smaller than, you know, of the proportion versus any time versus we might expect right now. [00:32:23] Speaker 2: Manish, you know, we always love speaking with you, but more so when you come into the studio, this time in particular, you're missing out on chart, which we're all very excited about. But anyway, thanks so much for joining us, wish you and your team and your family a very happy Diwali and a prosperous new somewhat. Happy Diwali. Okay, guys, you know what we're going to do before we head into the break, all of us are going to go and join Hiral as well as Paragbhai and Kush at the chart counter because I'm sure everyone here is very curious about what is being made. And you have no idea. [00:32:56] Speaker 3: It's so interesting. No, I'm not curious about it. [00:32:58] Speaker 2: I just want to eat whatever it's being made. Yeah. [00:33:00] Speaker 4: So we're going to come back. We're going to take a very quick break, get a bit of chart and we'll see you on the other side. I'm not going to wait for you guys. [00:33:06] Speaker 2: I'm going by. [00:33:07] Speaker 4: I'm not going to wait for you guys. [00:33:08] Speaker ?: I'm not going to wait for you guys. I'm not going to wait for you guys. I'm not going to wait for you guys. I'm not going to wait for you guys. I'm not going to wait for you guys. I'm not going to wait for you guys. I'm not going to wait for you guys. I'm not going to wait for you guys. I'm not going to wait for you guys. I'm not going to wait for you guys. I'm not going to wait for you guys. I'm not going to wait for you guys. I'm not going to wait for you guys. I'm not going to wait for you guys.