Indian markets have been on a high, trading near record high levels on the back of March quarter earnings and decline in COVID-19 cases. However, one must ask, how much is priced in?

Sectors including steel, cement and auto have been seeing a lot of earnings upgrades with steel seeing the biggest consensus earnings upgrades for the full after the Q4FY21 earnings. Individually, stocks like Tata Steel, JSW Steel, and JSPL have seen earnings upped between 30-65 percent.

Also, earnings estimates for Ambuja Cement, Godrej Properties, and Tata Motors have been increased between 6-7 percent for the full year post Q4FY21 earnings.

On a year-to-date (YTD) basis, the stocks are up between 45 and 70 percent. However, the stocks have not moved up significantly post the Q4FY21 earnings. This is because based on the expectations of a strong quarter gains preceded the earnings and a lot of it was already in the price.

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(Edited by : Pranati Deva)