The long term outlook continues to remain positive for Indian equities as the economic growth momentum remains healthy with real GDP growth remaining at around 8%. We expect this growth to result in healthy corporate earnings and the earnings growth to translate on growth in equity markets. While the long term positive outlook remaining intact, the near term challenges can influence markets as it gets impacted by events / newsflows that can have a near term negative implications. Currently, the economy & markets across the globe (including India) are facing headwinds arisen from the rising crude oil prices post the politically relevant events playing out in Middle East & European region.  In the Indian context, an additional factor to monitor is the tightening interest rate cycle and the inflationary pressures being generated as a corollary to growth. However, in the overall context of positive demography, economic growth & earnings momentum, we continue to remain positive with a medium term outlook.