I think one must come to grips with the fact that China fell 20% in a day and when markets as big as China fall 20%, there will obviously be a little bit of a pull back. If India fell 20%, we would have a pull back.

So I don’t know whether it is a short covering pullback, whether there is some expectation in China that some of the very harsh measures, which came in from the regulator will be slowly undone as it often happens, when the market gives you a thumbs down like this or is it a bit of value buying which has come in.

But I think the collateral damage across Asia is quite interesting, even if China has pulled back from 9% down to virtually in the green, none of the other markets have recovered meaningfully, which  just tells you that there is fear that there might be money going out of risky emerging markets now and that process might be on this morning.

China fell 20% which is why it recovered but  other markets are down about 5-6% over two days and they have not fallen as much as China. So the pain continues and from an Indian perspective, I think we need to take note of that fact and not just take sucker from the fact that China has recovered from the lows of the day.