Markets at inflexion point; analysts bullish on consumer, telecom, pharma

Even though the indices are trading much below their January 2020 highs, the recovery seen in the markets from their March 2020 lows has been quite sharp, with the S&P BSE Sensex and the Nifty50 indices gaining 27.61 per cent and 27.18 per cent, respectively, since then. Against this backdrop, analysts at Morgan Stanley believe that Indian markets may be at their inflexion point given what valuations and sentiment were then, and could be forming base for the next bull phase.

“The road ahead for the markets will depend on fiscal response by the government, progression of Covid-19 – which