Earnings have not grown in the last two years and this fiscal may not be an exception, says Manish Sonthalia, Head Equities- PMS, Motilal Oswal Asset Management. He expects a single-digit earnings growth in FY17.
"Calendar year 2017 overall is going to be a tough year," says Sonthalia.
He says a downside in the market is more likely after the upcoming Budget is announced.
Pharma, banks and IT stocks look very cheap, he says. He is negative on NBFCs and says growth rates are bound to come down.
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