New Delhi, Oct. 20 -- There is nothing wrong with the stock market that higher bond yields can't fix.

Yes, you read that correctly. The conventional view holds that a rising 10-year Treasury yield is an unambiguous headwind for equities, tightening financial conditions and compressing valuations until the stock market finally bottoms. My contrarian reading of the current environment suggests the opposite. For the market to put in a durable low, specifically in the technology or semiconductor space, the 10 year-yield may need to rise further, not because of a fresh inflation scare, but because of strengthening growth expectations.

In my analysis, recent moves higher in long-term rates have been driven more by the capital demands of the a...