Nifty Valuations Near Average; Earnings Upside Likely from Banks, Manufacturing: Aditya Kondawar

Indian equity markets may see positive earnings surprises in the next 1-2 years, driven by banking, manufacturing, and auto-linked sectors. Valuations are near long-term averages, and sectors under pressure, such as banking and export-oriented sectors, are poised for a rebound. Complete Circle Capital sees high conviction in banking and financial services, with private sector banks and select PSU banks as top picks.