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canada goose black friday sale The news drove benchmark indices to historic highs, but the market could not sustain those levels due to mixed corporate earnings and slowdown in the economy, something the government has to deal with in the next five years.After the Modi government came in power and the economy slowed down with mixed earnings for the March quarter, expectations increased on RBI front.The Reserve Bank of India has to find out what is causing liquidity crisis and diagnose that problem correctly as liquidity has been shrinking since September 2018, Mishra said, adding he does not buy the argument that liquidity drained up due to elections 2019.According to him, the most important factor could be to get the interest rate down in the forthcoming policy meetings, as he feels the real repo rate is at extremely elevated levels and India has abnormally high term premium.As interest rates have not fallen as much he had thought two years ago, he expects the interest rate to fall by 2 percent and said that could happen gradually. “Credit spread also can influence and can precipitate multiple issues.”ForIT stocks, Misra said when Credit Suisse upgraded sector in 2017, it was cheap, but now some of stocks are expensive on PE basis. “We are marginally overweight on select stocks and fundamentals are deteriorating.”On the earnings front, he said corporate earnings cycle has bottomed out and expects a mid teens type of earnings growth and particularly banks to be fair in growth.Midcaps, which mostly consist of ill liquid stocks, are not cheap, although there are gems available, said Mishra.. canada goose black friday sale
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