India Strategy - Second Covid-19 Wave Triggers Correction: Motilal Oswal 

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Motilal Oswal Report

Resurgence in second wave of Covid-19 has led to elevated market volatility and correction.

Nifty and Bank Nifty are down 5% and 15%, from the recent highs, respectively.

To contain the pandemic, several states have announced localized restrictions with Maharashtra yesterday unveiling set of broad-based measures for two weeks mini lockdown.

We expect the set of restrictive measures to impact near-term economic recovery till cases stabilize. However, key government authorities and policymakers have ruled out national lockdown.

Meanwhile, vaccinations are gradually beginning to accelerate. As vaccination pick up further with approvals for more vaccines now in place, we expect the focus to shift back to growth, cyclical recovery and fundamentals.

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