After a 34% surge from March low, brokerages see limited upside for markets

The flattening of the 'Covid-19 infection curve', Covid-19 impact on corporate earnings and the economic policies, they say, hold key to the market trajectory.

Global equity markets have seen a good run in the past fortnight, driven by the opening up of the economies and hope of further stimulus packages by global central banks, especially the US Federal Reserve (US Fed), as they fight hard to stem the economic fallout of Covid-19.

Back home, the S&P BSE Sensex and the Nifty 50 have rallied around 8 per cent each in the past fortnight and 33 per cent and 34 per cent, respectively since their March 2020 lows – and even took India's downgrade by Moody's in their stride. The up move has mostly been