Market sentiment is notoriously fickle and the mood can swing from euphoria to despair without pausing to take the measure of the fundamentals. Such a change occurred in September. A month ago, valuations were close to all-time highs and investors gleefully predicted a continuing bull run. Now, the same people are talking in terms of a long bear market although the Nifty has corrected by just 7 per cent from the record peak levels. Rising interest rates in developed markets, a falling rupee and a widening current account deficit (CAD) in India have induced foreign portfolio investors (FPIs) to sell