However, analysts said this may not be a sustainable rally. The Sensex and Nifty indices have gained around 7% in April so far after losing more than 20% in the previous month.

However, give the limited upside for Indian equities, analysts have cut ratings and targets on stock markets. With a likely steep fall in earnings estimates, it may be too early to assert that equity markets in India have discounted all negatives as cases of covid-19 have been escalating, analysts said.

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India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
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