New Delhi, Oct. 20 -- He raised a red flag when domestic retail investors, oblivious to the valuation-earnings disconnect, jumped in to give an exit to foreign portfolio investors (FPIs) who've sold a record Rs.2 trillion in the cash market so far this calendar year. But, after a year of negative stock price returns amid a slew of earnings downgrades, Sanjeev Prasad, the straight talking managing director and co-head of Kotak Institutional Equities, expects a broad-based earnings growth pick up from the next fiscal year, partly because of a low base in certain sectors and a turnaround in others, complemented by the government's and central bank's recent fiscal and monetary measures to boost demand and growth. Prasad warns, though, that In...