And that will have an impact on the Indian equity market.Let us not forget that there was a quite a big move in 10-year bond yields in April last, some 37 bps higher. We have got a PE multiple compression going on in global equity markets and India will be part of that story. India’s earnings forecast remains quite high by the consensus.You have been commenting on the ICICI numbers and the stock is moving today. This could be a year where international investors struggle to make money out of India but local investors get a modest positive return.You make a really good point there. Indian earnings did pretty well because the export share of the Indian equity market is often underestimated by investors.Prior to the taper tantrum, there was a huge amount of enthusiasm for emerging market credit.

Source: Economic Times May 08, 2018 05:50 UTC