Right now, we are bearish on INFY, SLT and RDY — more losses are in store for these companies, which are still fairly richly valued. This is a political hot button that may drive Delhi to adopt non-market-friendly policies as it tries to fight the trend. Food is not just a huge component in overall wholesale inflation of 8.4% — which would ordinarily be alarming in itself — but the key to the entire political set-up.