auto sales india inc earnings growth birla sun life mf
Mahesh Patil, Co-CIO, Birla Sun Life said that automobiles may do particularly well this year. Pictured: Traffic moves across Howrah Bridge in Kolkata April 8, 2011 (representational image).Reuters file

Indian companies are likely to post decent growth in earnings in the current fiscal and the current volatility offers a good chance for retail investors to buy on dips, according to a fund manager.

In an interview to business channel CNBC-TV18 on Tuesday, Mahesh Patil, Co-CIO, Birla Sun Life Mutual Fund said that India Inc. could see earnings grow by about 14 percent this financial year, aided by growth in many sectors, especially automobile, media, pharma and oil and gas sector.

He also said that markets falling on certain days offer a good opportunity for investors to enter at reasonable levels. 

"Any correction is a buying opportunity. The corrections have been pretty minor and people have been expecting some correction in the market looking at some of the global cues. We have seen some slowdown in terms of foreign institutional investment (FII) flows also and big events which are there in the next month," Patil told the channel.

"So yes, there is an expectation of a correction and we believe that any correction in this market should be used as buying opportunities as enough good news on the domestic side which should play out in the coming months," he added.

The BSE Sensex extended Monday's loss of 373 points and closed at 28,223, down 70 points. Top index losers were Adani Ports, Bharti Airtel, Larsen & Toubro, ONGC and Axis Bank.

The fall was in line with expectations of markets opening on a negative note, tracking global cues.

"Indian markets closed on a negative tone yesterday following falling crude oil prices and weak economic data from US. Sensex slumped 374 points while Nifty ended below 8750," brokerage Angel Broking said in its note on Tuesday.