Clearly, domestic growth remains more resilient than global growth. We have been positive on many domestic-oriented businesses. In light of that, what would be on top of mind when it comes to looking at sectors at the current juncture? You are looking at revival-linked themes in the markets at the current juncture. But broadly, we should be able to get an earnings growth which is more or less near the market expectations. We will have to wait and see how the broader market responds in terms of earnings in the second half. This has been led by some of the frontliners. Even as we look at the first half of this earnings season, until now we have seen about a 20% year-on-year growth in terms of earnings.
Overall, we are looking at an earnings season where there will be a marginal improvement as against the December quarter.
I do not know whether it has enough steam to make a new high at this point of time, but clearly, the under-term remains quite okay. So, to that extent, the kind of resilience that the market has shown and the breadth that we have seen over the past few weeks is definitely encouraging. Do you believe that there is more steam left in the markets?Ĭlearly, most participants expected markets to remain range-bound at least during this earnings season. How are you looking into the momentum in the markets? The macros seem to be supporting what we have seen at an index level. In all these pockets, there is significant growth ahead and if we make the portfolio cautiously, looking at the valuations within the sector, then definitely the upside can be captured.” Upadhyaya also said: “We are also positive on a few other domestic businesses such as industrials, auto, cement, etc. In fact, this is one of the sectors which will have significantly higher earnings growth over the next two years as compared to the market.
Harsha Upadhyaya, CIO - Equity, Kotak AMC, says the situation seems quite conducive for banking system growth.
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