Despite the correction on Thursday post the poll verdict, the momentum built up during the week, as well as the strong finish on Friday, helped the broader markets end with gains of just under 4 per cent. With the Sensex near its high of 40,000, valuations have moved up 18 times to FY20 earnings estimates.
At these levels, valuations are far from comfortable and with uncertainty over 2019’s key event over, the focus will revert to fundamentals. In fact, pessimism around corporate earnings has intensified post the March quarter results. Anand Radhakrishnan, CIO, Franklin ...
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