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But what we do is we normalize those earnings which are more volatile in nature. Let me give you a small example. If there is a telecom company which is a part of mid cap index and it reports a loss of say Rs 60,000 crore last year, and if that loss comes to Rs 30,000 crore, suddenly you see that the headline mid cap earnings growth is looking very strong.
Ramkumar K, Chief Investment Officer at Reliance General Insurance, believes that discretionary consumption with strong brand appeal will perform well in the coming years as India's per capita income grows. He mentions that the recent volatility in the markets is due to geopolitical concerns and rising crude oil prices. Ramkumar advises investors to watch out for flows, as they determine valuations in the short term. He also discusses the positive outlook for gold prices amid currency uncertainty and geopolitical concerns.
“The greed and fear indicator suggests that today everybody wants to own mid, small, micro and nobody wants to own largecaps. Our sense is that the same was repeated in 2017, though today it is to a lesser extent. In 2018-19, we saw the broader markets correcting but the Nifty held on to where it was. ”
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The rise of India’s manufacturing sector in the wake of China’s waning importance as the world's factory is key to the former’s growth. This is bound to create more jobs in not just businesses that face consumers, but also in B2B industries.