Index Outlook - Earnings Stage Smart Upgrade, Further Upside Seen: ICICI Direct
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ICICI Direct Report
Indian markets have shown resilience in the recent past and scaled new highs amid encouraging corporate earnings in Q4 FY21 led by the upswing in key commodities prices and strong underlying demand prospects.
Goods and services tax collection at ~Rs 1.02 lakh crore for May 2021 (eighth consecutive month of more than Rs 1 lakh figure) is testimony to robust domestic macroeconomics.
Going forward, with peak of the Covid-19 resurgence behind us, increasing pace of vaccination domestically and calibrated state specific unlocking under way, we expect economic activity to bounce back sharply in nine months-FY22E.
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