COVID-19 infections spiked in the last 10 days. But as they are restricted to select states, we expect local lockdowns to limit the spread and damage. Despite fragile economic recovery, Dec quarter Nifty-50 EPS growth impressed. We expect the EPS upgrade to sustain with low base benefit and GoI investment-push-driven economic recovery policy. We are Overweight on the automobile, consumer electricals and staples, financials, infrastructure and pharma sectors.