The first-quarter results has been than expected and the momentum will favour the bulls for the near-term, Udayan Mukherjee of CNBC-TV18.

Earnings will be the key driver going ahead, he said, adding that it would be very surprising if the market just double or triple in the next three years, he said.

“Overall at a composite level, I think, we are weak because some disappointment or the other is taking away from the Nifty; sometimes it’s ICICI, sometimes it’s SBI, sometimes it’s Tata Motors,” he added.

Disappointment in few earnings is keeping Nifty earnings per share (EPS) from growing at 25 percent, Mukherjee said.