Aditya Narain, head of institutional equities research at Edelweiss Securities, expects growth momentum to continue over the next 2 years.

He said, "This has been a very strong earnings season and it has been accompanied by upgrades. At the aggregate we have seen an upgrade of about 4-5 percent. Our sense is we will continue to see this kind of momentum and we are looking at a 25 percent earnings growth over the next two years."

"From a theme perspective, the more medium term themes would be the IT space, it would tend to be the banks where we believe you will start seeing certain amount of lending. You should also start seeing the industrials do well given that we think capex is going to start coming through. So these are underlying themes which will sustain for a longer period of time and those are the ones that you need to look at."

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(Edited by : Bivekananda Biswas)