Most of the capital market has begun to reason that the present rate cut cycle may be nearing an end. But we believe there is still some scope left. This is reflected from the fact that the RBI led MPC has been very circumspect about the potential spurt in inflation since December 16. While the inflation has been underprojecting below RBI's target inflation rates regularly, the unpredictable events rising from systemic and political landscape have been complicating their decision calculus.