The brokerage, however, said this is an "aberration" led by a sharp rise in Apple driving data, and masks an otherwise modest business resumption.
Other selected bankers include Nomura Financial Advisory, SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd.
Recently in its presentation, the newly appointed CII president, and CEO and managing director of Tata Steel had argued that the government should not try to limit its fiscal deficit to 6.8%.
The tab of vaccination for all the adults, coupled with the extension of the free food scheme till November, will entail an expenditure of up to Rs 1.05 lakh crore or 0.5 per cent of the GDP, Nomura s
Nomura India Business Resumption Index slipped to 60 for the week ended May 23, down from 63 a week ago.
Highlighting that the improving global growth will act as a tailwind, the brokerage said it expects the current lockdowns to last six more weeks.
The Nomura India Business Resumption Index fell sharply to 64.5 for the week ended May 9 from 69.7 a week ago. This is 35% below pre-pandemic levels.