The problematic sectors which have dented the Nifty earnings (either directly or indirectly)are mostly Banks, metals and mining, steel and real estate sector.
If you look at the long term charts that i have posted in the discussion thread … Contrarian Investing using technical analysis…you would find strong indications of a turnaround in these sectors.
Now, we should ask a related question…what happens to the NIFTY earnings,if and when the following sectors have a cyclical turnaround?
It appears to me that market is anticipating earnings recovery / turnaround from the said problematic sectors…and thus an earnings growth for NIFTY as a whole.
If you combine this thread with the thread Contrarian invesing using TA, then you too would get an idea as to from where the earnings growth in NIFTY is going to come from.