Initial earnings data suggests 17% growth in profit

Here are experts equity calls for the day on how the markets are expected to trade:

Ridham Desai, Morgan Stanley: Initial earnings data suggests revenue growth at 18% is behind expectations, while net profit growth of 17% is in line with expectations. Within the Sensex, the 6 companies that have reported saw earnings growth of 14% (YoY), ex-RIL, earnings rose 28% (YoY), 4% ahead of expectations.

Markus Rosgen, Citigroup: We remain constructive on Asian equities, with a bias towards banks & other cyclicals. For India, Sensex EPS is roughly 40% higher than the pre-global financial crisis peak, whereas Sensex level is 10% lower than the pre-global financial crisis peak. Valuations on price to book value are the lowest seen at this stage of the cycle, on P/E they are the second cheapest.