Kotak Securities sees muted returns from equities for most of 2021

Kotak Securities is of the view that the Indian equity market could witness consolidation in the coming months and that further gains are likely only by the end of 2021, when there is clarity about earnings estimates for 2022-23 (Apr-Mar). The brokerage firm expects muted returns from the market over the next few months because expensive valuations and the likelihood of higher bond yields might overshadow potential earnings upgrades.