New Delhi, Aug. 26 -- Tejas Gutka, a fund manager at Electrum Portfolio Managers, points out that liquidity in the Indian stock market is strong, but earnings growth is levelling off after a period of rapid expansion. Gutka said revival in consumer spending and an increase in private investments are the key factors that can move the market. In an interview with Mint, Gutka shared his views on earnings revival, sectors that can lead the next leg of a rally, among other things. Here are edited excerpts of the interview:

The market is currently facing several challenges, including uncertainty around tariffs and global supply chains, a slowdown in corporate earnings, weak consumer spending, and reduced investment from foreign investors.

How...