The problem according to Saurabh Mukherjea of Ambit Capital is that two developments—negative interest rates and negative inflation-- are striking at the heart of the premise that the entire banking system is built on

The Nifty Midcap Index is at a new high. And guess what, it’s P/E ratio is also at a new high. Because that Earnings Growth for the Nifty Midcap index, is….scratch that. Forget I said earnings growth. Because: The highest ever Nifty Midcap P/E. And nearly the lowest ever earnings change over the previous year …