In an interview to CNBC-TV18, Pankaj Vaish, managing director, Citi, says the market needed to pullback a bit as the earnings for the quarter gone by are extremely soft and there has been quite some panic in the bond market.
The central government recently announced populist measures like increase in the annual quota of subsidised LPG cylinders to 12 per family, reduction in the CNG and PNG prices, while state government cut power tariff.
Tamil Nadu chief minister J Jayalalithaa has been rolling out populist measures such as low-cost canteens and mineral water, ahead of the elections.
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