Foreign investors have been cautious about emerging markets: Raychaudhuri

As India Inc starts to unveil its financial performance for Q4 and the year ended March 2020, Manishi Raychaudhuri, head of Asia Pacific equity research, BNP Paribas, tells Puneet Wadhwa that the markets across Asia haven’t adequately factored in persistence of consumer demand weakness arising from lockdowns, potential loss of employment, and credit events in over-leveraged pockets. Edited excerpts:

Where do you see the Sensex and the Nifty a year from now?

Over the next year, we would expect Sensex and Nifty returns to be in line with their earnings growth. However, corporate revenues and earnings are uncertain now – leading, to