The total household wealth in India during this period rose 1.7 per cent to $246 billion.

Despite the large economic impact of the Covid-19 pandemic, the markets have recovered sharply even though the performance among individual stocks has been quite polarised.

'India's march towards being a $5 trillion economy continues, notwithstanding momentary setbacks.' 'India is at an inflexion point and most economists believe this growth super-cycle will extend for over four decades.'

A weak economy coupled with rising Covid-19 cases and inflation that is above RBI's comfort zone, geopolitical developments, and upcoming India Inc's second quarter results for FY21 could impact sentiment, analysts say.

'There will be massive differences in sectors and stocks over the next few years.'

Analysts expect firms to shift focus to online platforms to boost sales in these Covid-19-impacted times.

Major global indices - the Nasdaq, Bovespa, Seoul Composite, S&P 500, Dow Jones, S&P BSE Sensex, NYSE, DAX, Nikkei and, CAC 40 - have all gained 37 per cent to 75 per cent since their respective March 2020 low.

'The market recovery is fragile,' warns Raamdeo Agrawal, co-founder and joint managing director, Motilal Oswal Financial Services.

Given the impact Covid-19 pandemic had over the world economy, analysts expect global central banks, especially the US Fed, to keep the liquidity tap open, which, in turn, is likely to keep the equity markets, especially those in the emerging markets, buoyant.

'The market won't wait for earnings to recover.'

After Maharashtra, analysts expect more states like Karnataka and Haryana to slash stamp duty rates. However, analysts, do caution that it's still a long road to recovery for the realty sector.

'There is still scope for selective stockpicking.'

One in four people surveyed by Knight Frank said they were more likely to move in the next 12 months as a result of the Covid-19 pandemic.

'Investors need to diversify at least 30% to 50% of their liquid wealth across different markets, asset classes, and instruments across the world.' 'Do this with proper guidance and advice.' 'Global investing is complicated, but if done right, is extremely rewarding.'

Prices of residential property in Mumbai, NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata and Ahmedabad witnessed a sharp fall in H1-2020 with Kolkata witnessing the steepest drop of 7.5% to Rs 33,433 per square meter. Demand for office space fell the most in Pune and NCR markets at 47% and 45% respectively.

'India is possibly the most fiscally constrained market in the region.'

Given the developments, analysts expect fiscal and monetary support from the government and RBI to revive sentiment. However, recovery, they say, from these levels will be slow and painful.

'Investors should reduce cash gradually and look for value investing.'

Usually, a fall in oil prices is followed with a cut in retail prices of auto fuels and the government passes on the benefit to consumers. However, Morgan Stanley believes gains this time around will remain capped.

Gold, which was hovering around $1,321 an ounce in January 2019, has already breached $1,600 per ounce in the past few sessions to a seven-year high.

The social impact of this could be worse as 300 million subscribers may face the annoyance of network shutdown and churn.

Despite a slowing economy, the Budget does not envisage any major stimulus through the budgeted fiscal deficit figures, said Goldman Sachs.

'So, what does one believe -- just 6 stocks that are pushing the indices higher or the 600 scrips that are reflecting economic pain?'

A recent report by Citi had pegged the total amount stuck in stalled projects across seven major Indian cities (Bengaluru, Mumbai Metropolitan region, National Capital Region, Ahmedabad, Hyderabad, Kolkata and Pune) at Rs 80,000 crore.

'The announcement has come too late. This should have been done years ago.'

So far in September, the S&P BSE Small-cap index has gained nearly 3 per cent as compared to a modest 0.2 per cent dip in the S&P BSE Sensex.

Prices in Bengaluru, the National Capital Region, Hyderabad and Ahmedabad, however, witnessed an uptick during the period.

Liquidity issues post the crisis at DHFL, progress of monsoon, rupee trajectory at the domestic level and oil prices are some factors that will keep markets choppy, analysts say.

The liquidity crisis at Dewan Housing Finance Corporation Limited (DHFL) has dented the fortunes of ace investor Rakesh Jhunjhunwala, who increased his stake in the troubled company in the March 2019 quarter (Q4FY19).

Traditionally, most PSUs have been cash-rich, which added to their value. However, the government has been tapping regularly into their cash resources to boost revenue for the exchequer

The surge in oil prices has also affected the rupee, which hit a 6-week low of 70.25 on Friday against the dollar.

With the frontline Indian benchmark indices trading near all-time highs ahead of the general elections that begin later this week, Marc Faber, Editor and Publisher of "The Gloom, Boom & Doom Report" tells Puneet Wadhwa that the Indian stock market is relatively expensive, especially the index (large-cap) stocks.

There will be pressure on the fiscal situation, especially at a time when the monsoon can also disappoint. More populist expenditure is on cards if the mandate is a hung Parliament or a coalition government.

Even though stocks may remain volatile in the run-up to the polls, as political parties stitch up alliances, the long-term trajectory for the markets remains bullish.

'The probability of another negative year in 2019 is low.'

Analysts caution a non-BJP government is not an impossible scenario. In case of a Modi-led coalition, they advise investors to focus on discretionary consumption, select private banks and financials, RIL, housing, and IT.

The polls are being viewed as a run-up to the general elections scheduled for May 2019 and will test the popularity of the government and its policies amid rising crude oil prices

Even as rising crude oil prices, trade war fears and a sliding rupee cast a shadow on market sentiment, Nischal Maheshwari, chief executive officer for institutional equities and advisory at Centrum Broking, tells Puneet Wadhwa that in the next one year, the outcome of the 2019 general election is a bigger challenge for the market.

The recent three-bank merger seems to be grossly negative for Vijaya Bank and Bank of Baroda in the short term, as the negative net worth of Dena Bank will have to be absorbed by the merged entity

Stretched valuations and slowdown in DII flows are some of the reasons why Goldman Sachs cut its India rating to 'market-weight'