Investors are eagerly watching company results to see whether earnings growth justifies share-price gains during the sizzling stock-market rally this year. Companies are facing rising investor expectations going into the second-quarter earnings season as the Indian markets have outperformed global peers, with valuations near historic highs. However, the market faces possible headwinds from rising commodity and energy prices, global supply-side disruption, and potentially unfavourable bond-equity yield dynamics. So, how critical are Q2 earnings for markets as liquidity normalisation both by the US Fed and RBI may start to set in soon. To understand that, Mint’s Nasrin Sultana is in conversation with Ajay Tyagi, Head of Equity, UTI AMC.