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The Indian equity market has been one of the most resilient performers post the Brexit and has gained ~5% since then. Though an easy liquidity scenario is largely responsible for the rally, still one can’t ignore the evident improvement in the Indian economy on the back of sustained domestic consumption. While the global economy remains fragile, the Indian economy is expected to stay perched on the path of growth. There have been many domestic reforms in the last two decades; in our opinion the GST will possibly be the most significant one post economic liberalisation in 1991. Although the impact of GST on the corporate sector and the economy as a whole will be visible with a lag of a few years but we strongly believe it has the potential to push GDP growth, while keeping inflation under check. With the GST now having been enacted, the question is what will be the next lever of growth for our markets? The answer lies in corporate earnings, which we feel should grow by 16-17% for FY2017. We have been vocal about consumption and infrastructure based themes playing out well and the recent favourable developments and cues mentioned above add to our conviction.Download Full Report