New Delhi, Sept. 22 -- India Inc's elusive capex cycle expansion means corporate earnings growth might remain at mid-to-high single digit, according to Kenneth Andrade, precluding a tearaway market rally.

The recent goods and services tax (GST) rate cuts and income tax relief prior to that will add some weight to an otherwise sluggish consumer economy, going into the festive season, said Andrade, associate director at Old Bridge Asset Management. But on their own, these are not enough to move the earnings needle in a way that justifies current market valuations, he said.

Andrade also finds that new issues hitting the market are richly priced.

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On the international front, the worst seems to be already in place. Our sens...