Vetri Subramaniam, group president & head-equity at UTI AMC, in an interview with CNBC-TV18 shared his views on the stocks market.

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“Market at equilibrium only exists in textbooks, in the real world it is always about sentiment being at one extreme end of the curve or the other. So, it is par for the course the way the market behaves and there is nothing surprising about that,” he said.

Talking about the slowdown in overall growth, he said, "There are multiple factors that contributed to the slowdown. For a large number of companies in the automobile sector, consumer sector the feedback from them since September has been that the festival season has been disappointing, demand has remained lacklustre even through the quarter ended March along with significant amount of inventory correction."

"Moreover, there were some industries also affected due to developments in the NBFCs space and all this has impacted the economy in the last six months," said Subramaniam.

“So overall from growth perspective things are muted. There is some evidence that even in the past, the Indian economy has tended to slow down going into an election and there is a lift that comes once the election is out of the way,” he said.

With regards to the earnings, he said, "There may some lift in the fourth quarter because the big delta coming in from the banks but earnings expectations of 24-25 percent for FY20 remains a high bar."