Institutional investors need reassurance on governance, says Jigar Shah

The market will present more bottom-up opportunities this year and a broad-based rally seems difficult, says Jigar Shah

The markets will now react to the June-quarter earnings of India Inc, besides global cues, over the next few weeks. Jigar Shah, chief executive officer at Maybank Kim Eng Securities, tells Puneet Wadhwa that as a base case, his six- to nine-month Nifty50 target is 10,500. The market, he says, will present more bottom-up opportunities this year and a broad-based rally seems difficult. Edited excerpts:

What are your expectations from the June-quarter results? Your earnings growth estimates for the Nifty in FY20?

Consensus earnings growth for Nifty stocks is in the high twenties for FY20. This is partly due to the base