A steady fall in Covid cases coupled with a sharp economic recovery in India has made Christopher Wood, global head of equity strategy at Jefferies reiterate his bullish view on Indian equities. In December 2020, Wood raised exposure to Indian equities twice in his Asia ex-Japan long only portfolio. “With Covid cases in India now 88 per cent off their peak amid growing hopes of herd immunity, India looks right now Asia’s best post-Covid recovery story,” Wood wrote in his weekly note to investors, GREED & fear. For the stock market to have a real nasty unwind at the global level rather than just a bull market correction, Wood believes there needs to be a catalyst in the form of an economic downturn or a material tightening in US Federal Reserve's (US Fed) policy. He ruled out the possibility of either of these catalysts materialising.