Index Outlook - Positivity Remains, Stock Specific Action To Prevail: ICICI Direct
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ICICI Direct Report
Indian markets are scaling new highs primarily driven by swift economic recovery post abating of second Covid-19 wave and increasing pace of vaccination domestically.
Corporate earnings were also resilient in Q1 FY22 (April-June 2021).
At the Nifty index level, excluding financials, net sales decline was limited to 7.5% on a QoQ basis with profit after tax decline at 14.5% QoQ.
The management commentary, however, was optimistic and hopeful of a strong rebound in rest of the year (FY22E).
Other macro-economic indicators in terms of goods and services tax collection, e-way bill generation, peak power demand also point to better-than-anticipated economic rebound.
With growth capex on the anvil both by the public as well as private enterprises, we expect a broad based economic recovery, going forward.
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