'No, the liberals haven't lost because there weren't any liberals in the fray to begin with.' 'What has happened is that left-wing orthodoxy has lost to right-wing orthodoxy.' 'That is at best a Pyrrhic victory for India,' argue Sonali Ranade and Sheilja Sharma.

In India, however, the Nifty continues to climb a wall of worry as general elections loom, fiscal deficit surges and the current account deficit is barely under control following subdued gold and crude prices, says Sonali Ranade.

Waiting for capitulation in commodity markets is the better route to profits, says Sonali Ranade.

It is too early to say if we have seen the "final" bottom to these stocks in August 2013 or if another attempt to test them will be made before or just after elections, says Sonali Ranade.

Where do the commodities market go in the new year? Sonali Ranade offers an insight.

A lot will depend on how the equity markets in the US play out in April-May this year. A correction there, long overdue, could change all the variables in the current equations, says Sonali Ranade

Once the US dollar launches into its final bull leg from the 79 region towards 84, the appreciating currency should put a lot of pressure on commodities that will perhaps trigger the capitulation that the market needs in commodities liker gold, silver and WTI crude, says Sonali Ranade.