The market is scaling new peaks at a time when we are in the midst of the second Covid wave. How are you looking at the situation when it comes to liquidity flows? Is this irrational exuberance or is there merit in this rally? One of the observations that I had was that the Nifty has given an almost 1,000 point run from the time there was the upsurge in the pandemic in all its intensity. Since then, the Nifty has risen almost 1,000 points. That brings us to the question of irrational exuberance. For quite some time now, the stock prices have been significantly ahead of the fundamentals. The second wave of the pandemic has diluted the optimism in terms of the GDP growth that we started off with sometime in January, February or on the eve of the Budget. We all thought that maybe this year we are going to see 10-11% growth, backed by a good big fiscal deficit, which gave the government the luxury to spend and stimulate the entire economy.