R N Bhaskar The BSE Sensex climbed to 27,211 Monday. It was around 23,171 the same time last year. Marketmen were quick in predicting that it would cross 30,000 before the next Union Budget to be announced in March 2015. The Nifty too climbed to an all time high of 8115 a day before. Market pundits reel off several reasons. The most important is that the markets still believe that good days are just round the corner (”Achchhe din aane wale hain”). They also point to the revival in GDP growth rates, the clear indications of a rise in the Index of Industrial Production (IIP) and the monsoon not turning out to be as bad as was earlier expected. But talk to economists and they believe that the inflow of money into the stock markets could have a lot to do with hot money. They believe that the pact that 47 countries signed in May this year could be the most important factor spurring the inflow of foreign funds into this country. It may be recalled that thanks...