In an interview to CNBC-TV18, Vaibhav Sanghavi, co-CEO, Avendus Capital, said he expects the first six months of 2019 to be extremely volatile.

“As a calendar year, 2019 would be a tale of two halves wherein the first half will be extremely turbulent, volatile purely because three months of this calendar year are more to do with the global reasons and next three months would be volatile due to local reasons such as election," Sanghavi said.

Once the elections results are out and market takes cognizance of that, the earnings recovery should be pretty strong and it would be taking a cue from that, he added.