From lack of big reforms to regressive tax policies, the Modi govt has surrendered its initial momentum, says Shishir Asthana.
Experts believe the market will fall between 1 and 3%.
India's banks are propping up too many weak producers.
The first was wholesale funded banks and non-bank finance companies.
Another year of strong performance by these export-oriented sectors likely as US economy revives and rupee is expected to be under pressure.
'While GST and demonetisation are likely to cause disruption for longer than the market currently expects, they can have meaningful positive impact over the medium-term.'
Optimism about a stable govt at the Centre, a demand revival and falling oil prices buoyed the markets.
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