Raamdeo Agrawal says market recovery could surprise as earnings stay strong despite FII caution
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- ✓Raamdeo Agrawal said market recovery could surprise as earnings stay strong despite FII caution.
- ✓He noted that aggregate results grew 25% year-on-year, supporting the market.
- ✓While foreign investors remain cautious due to geopolitical issues and the rupee, Agrawal believes the upward movement will surprise once valuations reach 18 times trailing.
Story at a Glance
- Category
- MARKET
- Reported By
- CNBC TV18
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Strong corporate earnings and reasonable valuations could set the stage for a market recovery, but uncertainty around the rupee and geopolitical developments continues to keep foreign institutional investors (FIIs) on the sidelines, according to Raamdeo Agrawal, Chairman and Co-Founder of Motilal Oswal Financial Services.
"Once this quarter is over, I think index will end at about 18 times.. Once you have 18 times trailing, you're scraping the bottom. The upward movement will surprise you," he said, while adding that predicting the timing of a market rebound is impossible.
Agrawal said India's earnings growth continues to support the broader market despite the lack of foreign inflows. "The aggregate all the results declared is about 25% year-on-year. So you can't ask for anything more as far as the earning side is concerned," he said.
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