New Delhi, May 19 -- Last week, I wrote that our markets would undergo a temporary "fog of war." I qualified it with this view-This is a routine phenomenon, and veteran market players are unlikely to be fazed by this occurrence. You can read last week's article here.

Sure enough, big money expanded its footprint and purchased aggressively whenever retail players sold in panic on Tuesday and Friday. Follow-up buying holds the key to the immediate future trends. The "news" of a sovereign downgrade of the US credit rating has generated anxiety among investment circles. In my humble opinion, it will be brushed aside as Moody's is a relatively smaller ratings agency compared to S&P and has revealed nothing new about the US economy. Besides, Ind...