.......We believe there is a modest monetary easing cycle ahead, given limited room for the Reserve Bank of India. Despite the weakness in macro data points near-term, over the mid-to-long term, equities should get support from secular earnings growth; our bottom-up forecasts suggest mid-teens growth for the Nifty in FY14/15. We think current assumptions are conservative (excluding consumption) and are not building in any meaningful economic recovery, and hence these might not be difficult to attain...........
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