New Delhi, Nov. 17 -- It's still early, but if earnings turn around, much of the global underperformance over the past year could well be reversed, believes Trideep Bhattacharya, president and CIO-Equities, Edelweiss MF.

"Currently, India isn't a favourite among EMs (emerging markets) due to weak earnings, but once that reverses, FII (foreign institutional investor) sentiment should improve over the next 12 months," he said.

Encouragingly, recent management commentaries and September-quarter earnings suggest we could finally see 1-2% earnings upgrades after nearly 18 months of stagnation, said Bhattacharya, who manages domestic equity funds worth Rs.31,092 crore.

He's been underweight on IT for quite some time, but now has a neutral st...