Single-digit earnings, muted returns and more valuation pain ahead: JM Financial's market warning

Venkatesh Balasubramaniam of JM Financial Institutional warns that consensus earnings expectations remain far too optimistic despite two consecutive years of earnings disappointment. He expects Nifty earnings growth to remain in the single digits, cautions that valuation mean reversion is still playing out, and believes investors should prepare for muted market returns. The brokerage has turned more defensive, preferring pharma, oil & gas, metals and defence while remaining underweight on banks and IT.
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