Earnings upgrade cycle is key to sustaining valuations that otherwise look slightly stretched at 17-18 times forward earnings, says the Citi note
Citi expects an earnings growth of roughly 14 percent for this fiscal year
Desai expects the Sensex to rally as high as 33900, but with some conditions- the government continues to work on it fiscal consolidation path and the Fed doesn‘t take an disruptive policy action.
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