The title sums up the present mood of the Indian stock market. Ask your friendly neighbourhood sub-broker, your morning walk companion, the crowds of happy families doing Puja shopping in Hogg Market in Kolkata, the MIBs or WIBs (Men/Women in Black suits) in investment banks, the media and not to forget the finance ministry and you will hear how “things are really looking up”, “there is a surge of global liquidity” or “several billions waiting in the wings”(this last comment is usually accompanied by the bending of the index fingers into what would look like inverted commas).

><table width='100%' border=0 cellspacing=0><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 18px; FONT-WEIGHT: bold; COLOR: #0253B7;'><B>Pratip Kar:</B> High on expectation, low on Scepticism</td></tr><tr><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 11px; '>Earlier bubbles and the current nature of our stock markets suggest that it

<b>Pratip Kar:</b> High on expectation, low on Scepticism

Earlier bubbles and the current nature of our stock markets suggest that its vital to be cautious about the current exuberance in the indices

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