Explore Now There could be earnings upside in metals and cement and IT stocks, but not so much in FMCG, says TCG AMC There is a concern that the cyclical momentum we were seeing may come to a standstill as the sentiment becomes a little risk averse. Are there any pockets which will warrant some activity or do you see the sentiment getting further affected? The second Covid wave will impact sentiment but clearly the vaccination drive will improve that sentiment. One of the things that India faces unlike other countries is the sheer number of vaccinations required. While about 7 crore vaccinations have already been done, that is a miniscule percentage of the overall population. The numbers vaccinated is equal to the UK’s population. That means developed economies with lower populations will get over with vaccination far faster and the bounceback will also be far faster than India. In India, achieving 30-40% vaccination will take several more months.