India's long-term macro story re mains good and that attracts a lot of investors. If the flows into emerging markets are good, India will get its share of allocation. FII flows should also look fairly positive compared to what we had seen in the last calendar year when there was a huge outflow from emerging market funds. In calendar year 2016, we still were net positive when we saw outflows from emerging markets.
Overall liquidity scenario remains fairly good. Risks, if any , for the market are more from the global factors, which could hit you, and initially lead to a strong outflow from FIIs and if local investors also fear that, you could see some slowdown over there. Over the last one year, whatever known events have happened, the markets have reacted opposite to that. This is going to be some unknown risk which could cause a correction in the markets.
