We continue to believe in the long-term growth story of the Indian equity market. The increased Capex outlay would boost banks’ ability to drive credit growth, which we believe is wellsupported by a favourable emerging structure. However, with current valuations offering limited scope for further expansion, growth in corporate earnings will be the primary driver of market returns going forward. Hence, bottom-up stock picking focusing on ‘Growth at a Reasonable Price’ and ‘Quality’ would be key levers to generate satisfactory returns in the next year
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