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While some explained how unnecessary the move is, others simply disregarded the decision saying,

20% TCS: Twitter users went as far as dubbing govt's move to impose 20% TCS on international credit card usage as 'tax terrorism'

“We have been positive on a few themes like specialty chemicals, API and technology but are always careful about valuations.”

What is the view on Reliance Industries, how have you looked at the stock performance? Do you believe that the long term story looks intact? I believe so. I have found a shift this time. Reliance is known to first do capex and then monetise. These new plans on energy, getting Aramco on board means they are sweating their assets as they build on it. So Rs 75,000 crore on new energy business is welcome. We have seen Shell do that in 2016. All global energy makers have to make that shift towards clean energy. I am pretty excited about the long term.

Complete Circle Consultant. What do you make of this pause mode in the market? Will there be a directional move either on the upside or the downside? It is almost impossible to predict short-term moves but some consolidation, some correction in a few pockets is always healthy. There are obviously a few pockets of exuberance and one needs to tread with caution. The market is showing some signs of fatigue around these levels. So whatever we invest in, has to be backed by solid earnings support. By that, I do not just mean Q1. A more near term and a blend of growth and value strategy would help ...