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Mkt may see new highs before H1 2015-end: Emkay

Krishna Kumar Karwa, MD, Emkay Global Financial Services believes it is possible to see the market take out new highs before the first half of FY15. But for it to sustain, it has to be supported by earnings growth, he cautions.

The current rally in the market is on expectation of things improving in the second half of the year, says Krishna Kumar Karwa, MD, Emkay Global Financial Services. He, however, does not see much in terms of earnings in the fourth quarter. Sentiment and expectation are the reasons behind the robust FII and domestic flows seen in recent times, he adds.

According to him, India is underinvested as far as equity investments are concerned. “Earlier, investors were getting good returns by investing in gold, real estate and fixed assets. But now, equities appear to be the best asset class,” he says.

Karwa believes it is possible to see the market take out new highs before the first half of FY15. But for it to sustain, it has to be supported by earnings growth, he cautions.

He expects the fourth quarter earnings to be good for  Reliance Industries and ONGC . He says OMCs are benefiting from lower crude prices and improving GRMs.

Stay tuned for more…

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