Gautam Chhaochharia of UBS Securities expects earnings growth to improve gradually from single digit likely in FY17, to 12% in FY18 and 17% in FY19. Indian markets are at a record high. Are Indian markets expensive at this point? At 17.3x 12-month forward earnings, markets are trading near historical highs. And this is based on consensus earnings which are likely to see 7-8% cuts in our view; so, on more realistic earnings, markets are trading at even higher multiples.

Source: Mint May 08, 2017 00:22 UTC