Maintain Sensex target of 33000 by December 2015: Citigroup

Aditya Narain, Citigroup said, “India's earnings are floundering; at about 0 percent growth in Q4FY15 and with no top-line support, they need a lifeline.”

“While it might not be the deep end of the pool, pick-up from -7 percent in Q3FY15, FY15 should average 12 percent growth. The biggest earnings dip is in global commodity cyclicals,” he added.

He further said the brokerage believes earnings do matter and are key to material market moves. That said, with lower interest rate expectations getting more entrenched, there's enough to support the market. But for a leg up, management guidance/ earnings need to better expectations, he added.

“We stay positive and maintain Sensex target of 33,000 by December 2015,” said Narain.