We have sharp rally this year was driven it?
Structural changes enacted by the government and the increase in domestic liquidity.
Both the demontisation and the and the services tax (GST) will have far reaching implications.
Both will support the foal economy and benefit companies in the organised sector. The second ractor,
domestic liquidity, is the corollary to the first.We can seeing mutual funds and insurance companies getting good flows.
Is it a concern that the market rise is being led by valuation
expansion?
Our proprietary valuation model suggests investors are putting
Much ore valence on long-term
Factors than on current earnings. The two drivers will have to play out in the longer term but in the immediate term, earnings will be under pressure.
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