Even as we have stayed positive on Indian markets over the past few months, we have repeatedly highlighted stress in the financial sector as the key risk for markets as well as the real economy. And on that front, recent developments provide some glimmer of hope. First, the Supreme court ruling in the Essar Steel case upheld the primacy of secured financial creditors over unsecured financial and operational creditors on distribution of proceeds. This should go a long way in expediting the resolu...
