FUTURE WINNERS

The fatal second wave of coronavirus is ravaging the nation. But unlike in last year’s wave, domestic stock markets have been resilient this time. After rising in February and March, the Sensex fell just 1.5 per cent last month, amid extreme panic. The reasons — hope that immunisation will pick up pace over the next few months, optimism about corporate earnings growth and expectations that government and the central bank will come out with expansionary policies if the economy gets into serious trouble like last year. The benchmark index has delivered a 1.7 per cent return year-to-date (YTD).

“The market has discounted a sharp rise in cases. A further spike in coming days cannot be ruled out. The market is factoring in that cases under the second wave will peak by May-end or mid-June. However, availability