Last fortnight I offered the reasons for what seemed like a baffling bull market in the face of a nation gasping for oxygen and the dreadful loss of lives, as Covid spread like wildfire in a second virulent wave. The reason for the market rally is simply strong earnings growth by many good-quality companies, a trend that started way back in the second quarter of FY21. And it is earnings growth which pushes up stock prices, which in turn moves the indices higher, something that we interpret as a market rally. The market rally is visible, as is the horrendous
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