“Despite macro headwinds, Sanjeev Prasad believes Nifty 50 earnings may be more resilient in the near term, as about 50% of profits come from sectors insulated from the domestic economy. Kotak maintains its base case of 18% Nifty 50 earnings growth for FY27, anchored on the assumption that the West Asia conflict resolves by late April or mid-May and oil prices normalize, with a recovery expected in the second half after a potentially disappointing June quarter.”