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Nov 10, 2017 10:36 AM IST | Source: CNBC-TV18

Earnings so far in line with expectations; positive on macros: HSBC Global AMC

Tushar Pradhan also believes that the next two quarters will be good because of a low base and will set the tone for upcoming fiscal year.

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As the earnings season comes to its fag end, the question arises whether or not the trends seen this season met the Street’s expectations.

HSBC Global AMC believes that the earnings season so far has been along expected lines. “It was anticipated that disruption would continue on to this quarter… in-line earnings helps in reaffirming the fact that a recovery is likely to happen in Q3 and Q4, which also has a low base impact,” Tushar Pradhan, CIO, HSBC Global Asset Management-India, told CNBC-TV18 in an interview.

Further, he added that most companies could show stupendous numbers going forward and we could end up with a ‘reasonable’ year in terms of performance. “This could set up the sentiment and expectation for FY19 onwards,” he told the channel.

In terms of sectors, Pradhan is upbeat on cyclical sectors as the normal nature of economic cycle is seen picking up. Cues are also seen from the surge in banking stocks.

Having said that, he also highlighted that the bank recap package may not necessarily lead to big impact for NBFCs.

For IT stocks, Pradhan said that valuations are relatively cheaper while rest of the market is horribly expensive. They have had their share of bad news, but right now environment in the US hints at good corporate health, which is good for IT firms, he added.

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