Earnings growth expectations for FY21 have already been cut and the burden of earnings growth revival is now on FY22, said Venugopal Garre, director of Bernstein.

“If I were to move away from traditional measures of looking at index, there are several other drivers because of which market has been stalled... A lot of these corrections... are going to be bought and that’s a likely possibility,” said Garre in an interview with CNBC-TV18.

Garre advises against buying utility-based stocks as he does not expect to see growth in the space.