Nifty valuations near average; earnings upside likely from banks, manufacturing: Aditya Kondawar

Indian equity markets could see earnings surprises over the next one to two years as Nifty valuations hover near long-term averages, says Complete Circle Capital’s Aditya Kondawar. Banking, manufacturing and autos may lead gains, while small and midcaps could recover as trade deals progress and credit growth accelerates India’s push toward a $8 trillion economy.