India Strategy:Booster shots to keep market afloat

Bank recap, massive overhaul of GST rates & rating upgrade has helpedmarkets sustain at higher levels. Government’s gradual turn towards populismis evident and would entail boost in farm income through controlled rise infood inflation. Budget in Feb’18, last before elections would be expansionary.

    Positive news flow would compensate for downside to earnings but upside tofrontline indices is also limited.

    We recommend two themes