Rally doesn't indicate return of bulls: Shankar Sharma

Shankar Sharma of First Global continues to believe the markets are still seeing a bear rally as he sees no economic or fundamental factors to indicate the end of the bear phase. He added that poor trade data in India could drive equity markets lower. "Chances that this is the emergence of a bull market is very negligible," he said. Sharma is not surprised by the quantum of this rally given last year's fall. The global rally, he said, is drawing to a close and added that there won't be much incremental gains from these levels. “It‘s presumptuous to assume global economy has turned around.”
Sharma sees more pain in global banking and expects further bad news. He said there would be a decisive move in either direction in the near-term and does not rule out the possibility of the markets going back to its lows in 2009.