Sandip Sabharwal on how to play the market amid extended valuations and global volatility

So, there are two plays. One, what has driven the speculative move in commodities? Has it been more about the dollar carry trade or the yen carry trade? So, it is a mixed picture. So, we cannot conclusively say at a time when China continues to slow down drastically and oversupply from China is coming into various commodity markets globally, the bigger impact is on chemicals, steel, etc. But in other metals also the impact is there. I do not expect a big rally in metals at this stage.