Don't wait for FIIs: Nippon MF CIO Sailesh Raj Bhan on why market will rise before foreign money returns

Nippon MF CIO Sailesh Raj Bhan argues Indian market valuations are now attractive after 2.5 years of consolidation, with large banks trading at 1.5x P/B and roughly 30% of stocks down 30% or more. Earnings growth expectations have been revised down to 7-8% from earlier 14-15%, but post-GST and income tax cut momentum is improving, and the correction since November has been broad-based. He expects the market to rise even before FIIs return, though the West Asia conflict could pressure earnings for two more quarters.