As the bears rule the street, take some time off and do a Google search. Check out hotel room rates in Mumbai or Delhi, or, for that matter, any city. Have they come down in the last three months? The answer is no. Now look at the Q3 results for Indigo airline. Is the company showing any stress? The answer is again no. But given the sentiment on the street, we are seeing strong cuts across the board. In such conditions there is a very high possibility that, even in a bearish market, when a sector delivers more than expected, the street will reward it. This may well be true of hotels and the broader tourism ecosystem.
