-- Nifty remained resilient and delivered positive returns on the back of strong year to date performance by defensive sectors like IT and FMCG which are up 18% & 5% respectively
-- High frequency data points continue to display positive trend, including CVs, Auto, tractors, direct tax collections and credit growth
-- Good pick-up in Q4FY18 earnings growth was witnessed in companies levered to domestic recovery including Autos, FMCG and Durables. Corporates are seeing robust uptick in consumer demand, especially rural demand and an improvement in the investment climate
-- Broad based correction in mid-caps is irrational, and quality mid-caps are expected to rebound strongly from these levels, led by their healthy earnings growth over the next few quarters