Kotak MF has an estimate of Rs 550 as the Nifty earnings per share(EPS) for financial year 2019, said Harsha Upadhyaya of the company. According to him, the market is still at an elevated level with respect to valuations.

Based on the fundamentals, he said one should not expect large returns from the market from a 12-18 month perspective because it seems to be in a consolidation phase. "Investors should invest in the market with a 3-5 year view and between now and the elections would be a good time to accumulate stocks," he added.

With regards to monetary policy, he said it was in-line with their expectations.

On earnings front, he said most spaces like IT, retail private sector banks, consumer staples, and consumer discretionary were in line except autos, which were a clear disappointment.