In a chat with ET Now Devendra Joshi , HSBC, says in terms of earnings , if you look at the breakdown, basically there are more sure indicators of growth than we could see in consumption right now. Edited excerptsYou are right there. A large part of this rally is attributed to liquidity and bond yields. They have come far lower from where they were at the beginning of the year and if you look at other markets in Asia like Thailand or Indonesia, India has not benefited to that extent largely because the valuations were already very high. So we can always say that GST and the monsoon and all that definitely have been good for the positive sentiment for India but I think it is mainly a liquidity driven rally that we have seen.Yes, exactly so. That is the whole thing. Even among the emerging markets, the markets which were laggards which had cheap valuations and which did not participate over last one-one and a half years are the ones who have gone up the most.The valuation argument it is pretty much if you can only look at growth and if you take the liquidity out of the perspective then maybe it is easier to compare valuations but if you look at valuations they are not cheap as such. Even, if you look at the other markets. as I just said Indonesia or Thailand or other markets in Asia, it is very difficult to make distinction on the basis of valuations. Right now I think there are two clear themes which the investors are going for one is the yield and that is the reason you have seen that Taiwan market which has had the highest inflows in Asia by far this year and again the second is growth, the Indonesia, Philippines, India markets they fall under that category.As I said, India has not outperformed yet. The other markets which have outperformed India has pretty much been in line with Asia ex-Japan index and the valuations are already very high. So, if there is any upside that could come from here, it is going to be from earnings. At the beginning of the year, analysts were expecting earnings to grow around 17% to 18% for this year. That number has come down to around 13-14%. Once this earnings season gets over, it might come down by around 100 to 200 bps. But that is largely pretty much what everyone knows. So even in terms of earnings, if you look at the breakdown, basically there are more sure indicators of growth than we could see in consumption right now. Investment still depends on private capex recovery and it is just a little bit far. The government capex is doing its bit to support the whole investment cycle but then it is not the larger part of the whole investment pie in India.