Has India's Stock Bubble Finally Burst

As Goldman Goldman FICC Managing Director Jay Narain writes this evening in a note to S&T clients, the question plaguing everyone this year, what will cause India's Nifty to pullback, has finally been answered by a simple word: earnings.

According to the Goldman trader, the slowdown in urban consumption is as clear as the light of day. Brands including Nestle, Unilever, KFC, and Asian Paints have all been impacted.