After a little over two months, the withdrawal of the government of India’s strictest lockdown has brought cheer to the equity markets. The Nifty 50 index increased by about 2.6% on Monday. The lockdown hit businesses hard in April and May. So what is the impact of Unlock 1? Well, much of the revival hinges heavily on how soon consumption demand picks up. Many sectors will see a slow path towards normalization in business activity.

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