India Strategy I Q2 Earnings Preview - Gaining Strength: Motilal Oswal
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Motilal Oswal Report
Markets continued their upward momentum in Q2 FY22 – the Nifty crossed the 17,000 mark and the Sensex touched the 60,000 milestone – buoyed by the decline in Covid-19 cases, a significant pickup in the pace of vaccination, and the consequent sharp recovery in economic activity.
India ramped up its vaccine distribution, administering more than 920 million vaccine doses cumulatively.
The pace of vaccination, more importantly, averaged 7.9 million doses/day in September 2021 (up from four million doses/day in June 2021).
The country witnessed the third consecutive year of normal monsoon, with the southwest monsoon season ending 0.7% short of the long-period average.
Macroeconomic trends saw good recovery, with high frequency indicators (goods and services tax collections, e-way bills, purchasing managers' index readings, fuel demand) improving month-on-month.
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