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Below the Quote On Returns would be dictated by earnings growth rather than valuation multiple expansion  by Vinay Paharia,CIO,PGIM India Mutual Fund 

The Nifty50 index recorded a gain of 1.2% in April 2024, along with a rally in broader markets. NSE Mid Cap 100 and NSE Small Cap  100 indices were up 5.8% and 11.4% respectively for the month. During April, indices for Realty, Auto, and Banking sector  outperformed the broader market, while indices for Information Technology (IT) and Healthcare sector underperformed. The month saw  multiple negative news-flows on the global front, like escalation of geopolitical tensions in Middle East, rise in crude oil prices and  uncertainty in US Fed rate cut timelines. Key domestic macroeconomic developments for the month included OECD raising India’s GDP  growth forecast for 2024-25 to 6.6% and India's CPI inflation easing to 4.85%, on an annual basis, in March as against 5.09% in
February 2024. The results season, so far, for Q4-FY24 has been mixed, with IT sector reporting weak numbers and guiding for a weak  H1-FY25, and larger private banks reporting steady numbers. During the month, Foreign Portfolio Investors were net sellers to the tune  of USD 1.1 bn while Domestic Institutional Investors remained net buyers to the tune of USD 5.3 bn.

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