Jyotivardhan Jaipuria, Bank of America Merrill Lynch says the brokerage continues to believe that near-term markets would be driven by reform newsflow rather than earnings growth.
"Our view has been that a bulk of downgrades is behind us but we were expecting FY15 earnings to be downgraded at around 12-13 percent. Given the Jaguar Land Rover (JLR) surprise, we think Sensex EPS growth may now aggregate 15 percent for the year, marginally lower than our current bottoms up number of 18.5 percent," says Jaipuria.
Also read: India second most expensive Asian mkt, retain neutral: HSBC
Neelkanth Mishra, Credit Suisse says the less than earlier feared impact on agricultural output may not help control inflation. "We continue to believe rising labour costs are the root cause of food inflation. Spot power tariffs have increased partly due to the drop in hydro power output. This effect should fade post August, but can help September 2015 results for generators with high spot sales. We stay underweight PSU banks, industrials and metals," he adds.
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