Axis Mutual Fund says the long streak of downgrades in India’s earnings estimates may finally be coming to an end, after the trend left the South Asian nation trailing its global peers.

“The downgrade cycle is now primarily behind us,” said Ashish Gupta, the fund house’s chief investment officer overseeing about $40 billion across equity and debt.

Analysts in India have been slashing their earnings forecast over the last four quarters as economic growth slowed, and the ongoing results season has been mixed at best. Still, Gupta remains optimistic, saying there are catalysts that could revive earnings across key sectors.

Market sentiment has also improved — the NSE Nifty 50 Index has risen more than 5% in October, its best month since March — though it has yet to reclaim its September 20

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