A narrow bull mkt does not give much comfort: First Global's Shankar Sharma

Sharma expects earnings growth in FY20 to be in low single digits

High oil prices and the possibility of corporate earnings growth not coming through are the two biggest risks to the Indian equity story, Shankar Sharma, vice-chairman and joint managing director at First Global, tells Puneet Wadhwa. He expects earnings growth in FY20 to be in low single digits. Edited excerpts:

Are current market levels sustainable irrespective of the outcome of the ongoing general election?

The market rally, at least in the large-caps, is based on very average fundamentals in terms of corporate earnings. Only a handful of stocks have been driving the markets higher. Typically, this does not sustain for