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Earnings growth is expected to remain muted in 2017, Head of India Research at UBS Securities. A big reason for this, would be the government's move to demonetise high denominations, whose immediate impact is the cash crunch. The main impact would be felt in March as demand destruction continues. He feels the impact will last till the fourth quarter of FY17.
The near-term worry due to demonetisation can still be felt. He keeps a target of 8,800 points for Nifty by the end of 2017. The risk reward, he says, is not yet attractive in the near-term. He expects two rate cuts by the Reserve Bank of India in 2017.
Earnings growth is expected to remain muted in 2017, Head of India Research at UBS Securities. A big reason for this, would be the government's move to demonetise high denominations, whose immediate impact is the cash crunch. The main impact would be felt in March as demand destruction continues. He feels the impact will last till the fourth quarter of FY17. 
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