The biggest area of concern has to be the deteriorating labour market situation in the US.
The one total disaster scenario for global markets has always been if investors lose confidence in dollar-based assets.
Since funds will find it difficult to hedge their underlying cash equity positions, many will have to reduce their overall exposure to Indian equities.
Emerging market equities have delivered stellar returns over the last few years, outperforming their developed market peers since this new bull market began in end 2002.
IT services or the technology sector in India is going through considerable stress and a bout of dramatic stock underperformance. Investors of all types are now deserting the one-time darlings of the stock market.
The chief beneficiary of the cycle of interest rate cuts and liquidity injections will be emerging markets, specifically Asia.
Analysts and investors are optimistic on India, but it is difficult to be as bullish.
We need to deliver strong 8 per cent plus GDP growth and near 20 per cent earnings to justify and fulfil expectations.
The success of IT highlights the importance of opening up and integrating our economy with the world economy.
Reflecting on this, I could come up with a couple of issues, one for the short term, and some others, which are more structural and longer-term in nature.
The Indian markets, while expensive, have delivered among the highest returns on equity, and a better record of earnings growth.
Corporate earnings have had a dream run over the last four years, and all signs seem to indicate that the run will continue.
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