As Indian market steps into the first month of June quarter, anecdotal evidence suggests that there are as many as 15 stocks on the BSE which rose up to 190 percent in the June quarter of last 2 out of 3 years.

The S&P BSE Sensex closed the March quarter with a loss of 3 percent but it rallied by about 4 percent in the June quarter of the year 2017 but many small and midcap stocks outperformed benchmark indices in the same period.

Stocks which rallied over 100 percent in at least one of the three years of June quarter include names like C&C Construction, Emami Infrastructure, Indiabulls Real Estate, Indiabulls Ventures, Himadri Speciality, Emami Infra, and Muthoot Capital etc. among others.

Stocks which registered double-digit returns in the last 2 out of 3 quarters include names like Pankaj Polypack, ACI Infocom, Cubex Tubings, Indokem, Phillips Carbon Black, and Visaka Industries etc. among others.

The S&P BSE Sensex might have plunged by over 10 percent from the highs but we have already recouped around 4 percent of losses and as India Inc. starts declaring results for the quarter ended March, expectations of smart recovery is likely to be on the cards.

The extent of the correction seen in Indian market is largely in-line with the recent previous dips seen in markets across the globe. The volatility is likely to continue in days to come on account of a possible trade war, elections lined up during the year, March quarter earnings as well as rise in oil prices.

“We expect earnings recovery to be broad-based in Q4 compared to 12 percent growth seen in Q3, fading impact of GST to aid earnings,” Hemang Jani, Head – Advisory, Sharekhan told Moneycontrol.

“The D-Street is currently factoring around 14 percent growth in revenues & 15 percent growth in earning for Nifty companies in Q4FY18, while for next 2 years street is factoring a 20 percent plus annual growth rate in Sensex earnings over FY18 to FY20,” he said.

Investors will also watch out as to what US Federal Reserve will do in its upcoming policy meeting in the next 3 months. The US Central bank will meet in the month of May and then again in the month of June in this June quarter.

“From a global market perspective, tightening of rates by the US Fed, shrinking Fed balance sheet and the imposition of tariff barriers have led to weakness in global equity markets,” Akash Singhania, Sr. VP & Fund Manager, Motilal Oswal AMC told Moneycontrol.

“On the local front, news flow around the state and central government elections, resolution of asset quality stress in the banking sector and pick-up in corporate earnings and growth would drive the Indian markets,” he said.