Analysts cautious on outlook, expect earnings to remain under pressure over medium term.

Even after the recent developments at Infosys, both companies are expected to deliver similar revenue growth in FY17

These have been selected based on the earnings growth prospects and favourable (buy) ratings by brokerages

'India is likely to do better than other emerging markets.'

Revenues, profit margins will be hit in the next one year, but more demand in the longer run.

Rising bad loans continued to haunt public sector banks (PSBs) in the March 2016 quarter.

Baba businesses are sprucing up their act as they expand product portfolios and enhance brand image

Raamdeo Agrawal, joint managing director at Motilal Oswal Financial Services, tells Sheetal Agarwal key trends in this earnings season and investment themes in Indian markets.

Premium valuations and lack of big triggers will weigh on Indian equity markets in the near term, believes Mahesh Nandurkar, India Strategist, CLSA.

Banking and telecom will see the highest impact of this transition.

Most positives seem to be factored into current valuations.

Currently, 40 per cent of the front and back panel of cigarette packs is covered with warnings.

The gains will be gradual as the measure will be executed over 12 months or so.

Existing bank deposits will continue with past rates until renewed on maturity.

'Markets should be driven more or less by earnings growth.'

Stellar results compared to TCS led to reversal of valuation discount.

While most analysts remain positive on TCS and Infosys, they are cautious on Wipro.

Experts prefer domestic consumption-driven plays and defensives such as information technology and pharmaceuticals

Mindtree, eclerx and Hexaware are trading at similar valuations to that of the larger peers.

Intensifying competition and possibility of further legal action to test expectations of recovery.