Q1FY18 corporate earnings tepid performance can mainly be attributed to de-stocking in major sectors before the GST roll-out. However, going forward, we expect sustainable recovery in earnings from H2FY18, which is also important from market standpoint considering that the market valuation is at premium from the near-term perspective. Moreover, while nothing much changes for the medium-to-long-term India growth story, in the short-term, geopolitical concerns and corporate earnings recovery, along with the Governments reform agendas, will decide the course of the Indian stockmarket. We maintain our positive outlook on Indian equities and continue to advocate taking advantage of any correction in the market.