There’s no impediment to sustained earnings revival

On January 20, 2021, the Nifty hit a high of 14,650 after a 1,300-point rally in a month. Then came a 1,000-point fall in just six sessions. The reason? Fears of a Covid-led budget — likely Covid cess, tax on the rich, hike in capital gains tax or securities transaction tax, etc. Budget 2021-22 did none of this, not even higher tax on cigarettes! No wonder the market greeted it with a relief rally of about 650 points.In effect, the budget is no