Sandeep Bhatia, Head of Equity, India, and Country Head, India at Macquarie Group, expects the market to see new highs if there is a continued decline in the US interest rates.

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But that is data-dependent as the US Federal Reserve has pointed out, he said.

Bhatia believes "whatever happens in state elections, one would not get so perturbed, and I think the markets will also be able to take it in the stride."

He expects earnings growth for the year to be around 12-14% and the initial public offering (IPO) boom to continue at least until the February-March period.

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(Edited by : Shweta Mungre)